Gov. Gavin Newsom’s proposal included a $228.9 billion general fund that would rely on $17 billion in reserves

California Governor Gavin Newsom has proposed a $322 Billion state budget for the next fiscal year. Newsom says the budget, which comes after two years of massive state deficits, will be balanced and without a deficit.

California Gov. Gavin Newsom (D) on Monday proposed a $322 billion budget that he said would be “balanced” and without deficits — marking a significant turnaround after two years of shortfalls. Newsom delivered a “top-line” version of the 2025-2026 budget proposal at a Monday press conference,