Today, Gov. Gavin Newsom announced that California will have a record-setting surplus of almost $100 billion when entering in the next budget year.
For the next fiscal year, Newsom revealed a revised budget plan of a little over $300 billion, which is the highest in the states history and is fueled by the surging tax revenues. California ended up collecting $55 billion more in taxes in January than they originally expected, which has left the state with a surplus of $97.5 billion for new and existing initiatives that Newsom hopes to do as he aims for re-election in the fall.
Newsom is hoping to reach an agreement with the Democratic-led legislature on his proposals to help ease the ongoing drought, help women get abortions in California and help offset the rising cost of food, gas and other goods due to the inflation. They must finalize the budget by the end of June since it will go into effect on July 1st.
For more go to ABC 7.