2020-21 Budget Year
State budget adopted for 2021-22 boasts all-time high for education spending
Research Brief
Governor Newsom and the state Legislature came to an agreement on a $263 billion budget that reflects the state’s extraordinary surplus and billions from the latest round of federal stimulus funding from the American Rescue Plan. Spending for K-12 education totals $123.9 billion and is at an all-time high, including the largest ever allocation of Proposition 98 funding for schools and community colleges.
What’s in the largest ever state education budget?
Legislative Update — historic investment coming in 2021-22
On July 9, Governor Newsom signed a historic education budget with an unprecedented investment in our students and schools.
The California Legislature voted on and passed identical budget bills (AB/SB 129) on June 28, after reaching agreement with the governor about most budget issues. The full budget is $263 billion, thanks to an extraordinary surplus and the latest round of federal stimulus funding from the American Rescue Plan. A few outstanding details will be finalized in trailer bills.
Governor’s May Revision proposes highest level of education funding in California history
Legislative Update
California began the previous budget year with a looming recession forecasted due to the COVID-19 pandemic, and a projected $54 billion deficit. However, due mostly to the inequitable recovery of the stock market, profits from Silicon Valley, and high-income earners that did not lose their jobs, the state now has projected a $75.7 billion surplus.
CFT analyzes governor’s proposed education budget for 2021-22
Research Brief
Governor Newsom introduced his proposed $227 billion budget for 2021-22 on January 8. The proposed budget is starkly different from what lawmakers anticipated when they finalized the 2020-21 budget, largely because of much larger than expected tax receipts.
Governor’s budget proposes increases for education, financial incentive to return to in-person
Legislative Update
Gov. Newsom released the annual January budget proposal for the 2021-22 budget year, totaling $227.2 billion on Friday, January 8. The budget is very different from what lawmakers anticipated six months ago, when the 2020-21 budget was finalized, thanks to much larger than expected tax receipts. The proposal includes $34 billion allocated to reserves (including the Public School System Stabilization reserve) and as discretionary surplus funding.
Legislative Analyst forecasts state revenue windfall for 2021-22
Legislative Update
Each November, the Legislative Analyst’s Office (LAO) is tasked with providing the state Legislature with forecasting of the state’s revenue and budget constraints. Those numbers have just been released to provide a starting point for what to expect in budget negotiations for the California 2021-22 state budget.