Press Releases

SACRAMENTO —  “Today’s May Revision reflects a stronger-than-expected revenue picture, but Californians should understand what this moment really means. The state brought in more revenue than projected and spent less than anticipated, yet our fiscal outlook remains heavily tied to the volatility of Wall Street and a relatively small group of high-income taxpayers. That reality has not changed. What has changed is transparency. For the first time in nearly a decade, California’s Annual Comprehensive Financial Report — the audited financial truth of the state — was released before final budget negotiations were completed. That matters because it grounds this debate in verified numbers instead of political narratives or optimistic projections. The ACFR changed the conversation by giving lawmakers, investors, and the public a clearer understanding of where California actually stands financially before making long-term commitments. Strong revenue years should be used to strengthen reserves, reduce liabilities, and prepare for economic uncertainty ahead — not to pretend volatility no longer exists.”