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State Of California Estimating Larger Budget Surplus

The state of California is estimating they have a bigger budget surplus than previously thought.

When Governor Gavin Newsom originally unveiled his 2022-2023 budget proposal for the state of California back in January, his administration forecast a $45.7 billion surplus. However, according to a new update notice from the state Legislative Analyst Office for the month of February, the surplus could reportedly be $6 to $23 billion more this year, due to incoming funding from personal incomes, sales and corporation taxes. Via the newly projected surplus numbers, Governor Newsom indicated the likelihood of another round of rebates for taxpayers, but has yet to provide details on potential amounts and eligibility. Last year, there were two rounds of direct payments, the Golden State Stimulus I and Golden State Stimulus II. Newsom’s proposed state budget didn’t contain tax rebates, but he has indicated the final revision “likely” will include the checks.

Some legislators anticipate the excess surplus may be returned as a form of a check to taxpayers, but it's too soon to tell. “We are going to look at this in the lens through equity for the hardest working Californians who have not rebounded, who are continuing to suffer. So stimulus is part of that, but it will be through that lens and trying to make sure that we’re able to cover those bases thoughtfully and to make a difference in real people’s lives,” said California Senate President pro Tempore Toni Atkins, D-San Diego.

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