When  Gov. Gavin Newsom proposed  a  2023-24 budget  in January, he acknowledged that the revenue estimates made six months earlier were way too optimistic and that the state had evolved from a nearly $100 billion surplus to a $22.5 billion deficit. Never mind. Nine months into the current fiscal year, it's evident that revenue, principally from personal income taxes,  will fall well short  of that downward revision. The deficit could hit $30 billion as he and legislative leaders begin to focus on a final version for adoption in June.

https://gvwire.com/2023/04/16/will-newsom-tap-rainy-day-fund-to-backfill-growing-budget-deficit/

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