It also appropriately prioritizes one-time spending over ongoing, allocating 85 percent of discretionary funds to one-time spending. I thank Pro Tem Atkins, Speaker Rendon and both houses of the Legislature for their incredible partnership in meeting the unprecedented challenge and opportunity of this moment.”įueled by a resurgent economy, a surge in state revenues and additional federal recovery funds, the $75.7 billion surplus reflected in the California Comeback Plan stands in stark contrast to the $54.3 billion budget shortfall estimated just over a year ago. The budget is built on a strong fiscal foundation that includes over $25 billion in reserves, pays off educational deferrals and continues to pay down long-term retirement debts. “Through this comprehensive plan, the state is taking on the inequities laid bare by the pandemic, expanding our support for Californians facing the greatest hardships, increasing opportunity for every child, confronting homelessness head-on and doubling down on our work to build resilience against the climate change impacts that threaten California’s future. “Harnessing the largest surplus in state history, we’re making transformative investments across the board that will help bring all our communities roaring back from the pandemic – and pay dividends for generations to come,” said Governor Newsom. The Plan provides immediate cash relief to middle class families and businesses hit hardest by the pandemic, creating the biggest state tax rebate in American history and the largest small business relief package in the nation. The California Comeback Plan focuses on providing relief to those that need it most and major investments to address the state’s most persistent challenges. This transformative budget includes the biggest economic recovery package in California’s history – a $100 billion California Comeback Plan. SACRAMENTO – Governor Gavin Newsom today signed SB 129, legislation that reflects the majority of the 2021-22 state budget agreement. Major new initiatives and investments to take on persistent challenges including homelessness, disparities in education and opportunity, wildfires and climate change Deploys immediate relief to two-thirds of Californians with Golden State Stimulus payments and provides unprecedented support for small businesses
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