LIVE | California Budget 2024 | Updated proposal

LIVE | California Budget 2024 | Updated proposal

California Gov. Gavin Newsom is giving details on his updated budget proposal.Newsom, in his last term as governor and widely seen as a future presidential candidate, announced a nearly $38 billion deficit in January, driven by declining revenues. Days later, the nonpartisan Legislative Analyst’s Office said the deficit was actually $58 billion when including some reductions in public education spending.State officials needed a big rebound in tax collections to improve things, but it hasn’t happened. Through the end of April, state tax collections from its three biggest sources — personal income, corporations and sales — dropped more than $6 billion below the previous estimate.This is the second year in a row California has had a deficit, and so far the state has avoided the most painful cuts to major ongoing programs and services. Instead, Newsom and lawmakers have slashed one-time spending, delayed other spending and borrowed from other accounts.State budgeting is a guessing game, particularly in California, where a progressive tax system means the state gets the bulk of its tax collections from rich people. About half of the state’s income tax collections came from just 1% of the population in 2021. This makes the state more vulnerable to swings in the stock market.And unlike the federal government, the California Constitution requires the state to have a balanced budget.This January, Newsom said the state’s revenues for 2022-23 to 2024-25 have been coming in $42.9 billion lower than they estimated.Corporate tax collections are down 15% from last year, the fourth largest drop in the past 40 years, according to the LAO. And while income taxes are growing thanks to a 20% increase in the stock market since October that’s driving an increase of 8% in total income tax collections this year, the LAO said growth is unlikely to continue. That’s because the broader state economy has not improved — the unemployment rate has risen and investments in California businesses have declined.State lawmakers will have until June 15 to pass a balanced budget. The new fiscal year begins July 1.Story by The Associated Press.

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Note from Zennie62Media and OaklandNewsOnline.com : this video-blog post demonstrates the full and live operation of the latest updated version of an experimental Zennie62Media , Inc. mobile media video-blogging system network that was launched June 2018. This is a major part of Zennie62Media , Inc.’s new and innovative approach to the production of news media. What we call “The Third Wave of Media”. The uploaded video is from a YouTube channel. When the YouTube video channel for KCRA Sacramento uploads a video it is automatically uploaded to and formatted automatically at the Oakland News Online site and Zennie62-created and owned social media pages. The overall objective here, on top of our is smartphone-enabled, real-time, on the scene reporting of news, interviews, observations, and happenings anywhere in the World and within seconds and not hours – is the use of the existing YouTube social graph on any subject in the World. Now, news is reported with a smartphone and also by promoting current content on YouTube: no heavy and expensive cameras or even a laptop are necessary, or having a camera crew to shoot what is already on YouTube. The secondary objective is faster, and very inexpensive media content news production and distribution. We have found there is a disconnect between post length and time to product and revenue generated. With this, the problem is far less, though by no means solved. Zennie62Media is constantly working to improve the system network coding and seeks interested content and media technology partners.