$100 Billion Surplus Turns to $24 Billion Deficit

Just like that, California’s record $100 billion surplus has vanished into the Pacific Ocean fog, replaced by a $24 billion deficit. That’s according to the projections of the nonpartisan Legislative Analyst for fiscal year 2023-24, which begins next July 1, in “The 2023‑24 Budget: California’s Fiscal Outlook.”

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