The Legislative Analyst’s Office released its report on Wednesday, emphasizing the upcoming $25 billion deficit, which they say is mostly due to “lower revenue estimates.”
The state’s last budget was $308 billion with a $97 billion surplus, and the year prior to that, the budget was $263 billion with a $76 billion surplus. The state currently has $37.2 billion of reserves.
“It’s not insignificant, but it’s also manageable,” Legislative Analyst Gabriel Petek said. “We don’t think of this as a budget crisis.”