Governor Gavin Newsom has signed the 2024 state budget legislation, aiming to stabilize state finances while preserving critical investments in safety net programs, education, homelessness, mental health care reform, and more, his office announced.
The budget, as announced by the Governor and legislative leaders, is balanced for both the 2024-25 and 2025-26 fiscal years, the Governor’s Office stated. It maintains a total of $22.2 billion in reserves by the end of the 2024-25 fiscal year, ensuring budget resilience amidst revenue volatility, his office added.
“This is a responsible budget that prepares for the future while investing in foundational programs that benefit millions of Californians every day,” said Governor Newsom. “Thanks to careful stewardship of the budget over the past few years, we’re able to meet this moment while protecting our progress on housing, homelessness, education, health care, and other priorities that matter deeply to Californians. I thank the Legislature for their partnership in delivering this sound and balanced plan.”