Budget Proposal Reflects Uncertainty
January 13, 2023
by Maria S. Salinas
California’s budget process started this week with Gov. Gavin Newsom’s proposal for the 2023-24 fiscal year. The budget defines spending allocations and proposed investments, reflecting the Governor’s priorities amid much economic uncertainty. The Legislative Analyst Office noted that revenue projections would be lower than in previous years. The proposed budget reflects a $22.5 billion deficit and an effort to offset spending by delaying certain investments. For a summary of the Governor’s budget, see the Chamber’s Public Policy Alert.
The budget proposal considers the economic uncertainties our state is experiencing today and reflects a measured approach. Investments for businesses, especially for small businesses, are wise at a time when many are navigating growth and challenging economic situations. We were pleased to see the Governor identify investments in education, training and workforce development.
Given the ambiguous economic forecast, we are ready to work with the Governor to help define an economic plan which spurs regional economic growth to overcome the challenges ahead. With an economic plan that connects industry to the workforce of the future, supported by sound policy, we can strengthen whole communities.
Next up, the California Legislature will begin its negotiation process with the Governor and with each other. As this budget moves towards approval and implementation, the Chamber will continue to advocate for investments that strengthen our economy.
Leave a Comment
Comments submitted are subject to review by the Los Angeles Area Chamber of Commerce prior to posting. The Chamber reserves the right to monitor and withhold comments that include personal, offensive, potentially libelous or copyright protected language, materials or links. Only comments relevant to the topic will be posted. Comments posted must have a valid email address. View our full terms & conditions.