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(CALIFORNIA GLOBE) – According to the 2022-2023 California state budget Fiscal Outlook report compiled by the Legislative Analyst’s Office (LAO) on Wednesday, California will have a $31 billion surplus next year.
This marks the second budget year in a row where a large eleven-figure surplus was announced. Last budget year, California had a $76 billion budget surplus, although that figure was later knocked down to $38 billion by the LAO.
Should the $31 billion surplus figure hold, California would go over a constitutional limit on spending surplus funds, forcing the state to give back some of the money back to the people of the state. This year, California spent much of the surplus on housing and homeless programs, with $12 billion in new funding alone going to homeless programs. But, due to spending limits, $12 billion alone was spent on Golden State Stimulus payments to most Californians, with another $1.5 billion going to small business relief.
For the upcoming budget, the LAO named multiple ways that the state would give back part of the surplus to the people, including more direct payments, tax cuts, infrastructure projects, or public school spending. By state law, 40% of all state taxes must go to public education each year, meaning, if the surplus remains on track, public schools and universities could see as much as $11 billion be divested down to them next year.
