06/01/15

The May Revision and State Budget Activities
The Governor released his May Revision budget update on Thursday, May 14, 2015, and the
Legislature is currently reviewing, reconciling, and finalizing budget actions in order to
meet the constitutional deadline to pass a budget by June 15. The Governor estimates an
additional $6.7 billion in revenues above the January proposal across three fiscal years
(2013-14, 2014-15, and 2015-16), $5.5 billion of which are proposed to go to K-12 and
community colleges under Proposition 98. The Legislative Analyst’s Office (LAO)
estimates revenues approximately $3 billion above the Governor, who is known for making
very conservative estimates in order to maintain a fiscally prudent approach and minimize
new spending. Continue reading →