By Brittney Sherman — News
Governor Newsom announced a $37.9 billion deficit to California’s 2024/25 fiscal year budget. Newsom proposed to cover approximately 50% of the gap with reserve funding and another 33% by cutting planned spending in various sectors. High interest rates, reduced home sales, decreased start-up business investment, and the delay in the state income tax filing deadline have all been listed as contributing factors.
Read the full article in the Morgan Hill Times HERE.