On Monday, Governor Brown released his revised budget plan. Known as the “May Revise,” this is an update meant to reflect the most current revenue numbers to the budget already submitted to the Legislature in January.
According to the Governor’s office, the new budget still allows for a $10 billion structural deficit, but in the near term reduces by nearly $3 billion the amount of taxes needed to balance the budget for the coming year due to a slight uptick in revenues. Since taking office in January, Brown and the legislature have cut spending by $9 billion and have taken other steps to reduce the deficit.
With the new budget, the proposal to eliminate redevelopment remains unchanged. However, the proposal to eliminate Enterprise Zones has been modified to allow for limited continuation of tax credits for new jobs.
Click here for more detail on the Budget.
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