California Governor's Budget 2022-23 Highlights
Explore key aspects of the 2022-23 Governor's Budget for California, including strong fiscal foundations, COVID-19 response, Proposition 98 funding, higher education compacts, and initiatives for economic growth and job creation.
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Presentation Transcript
2022-23 Governors Budget California Chamber of Commerce January 2022 Keely Martin Bosler, Director
California Job Losses and Years to Recovery (Years After Nonfarm Employment Peak) 2022-23 Governor s Budget 2
Capital Gains Realizations (Dollars in Billions) 2022-23 Governor s Budget 3
Strong Fiscal Foundation $34.6 billion in Reserves, including $20.9 billion in the Rainy Day Fund $45.7 billion budget surplus, including $20.6 billion discretionary non-Proposition 98 surplus 86 percent of discretionary non-Proposition 98 surplus for one-time expenditures Budgetary debt paid off Continued progress on reducing retirement liabilities 2022-23 Governor s Budget 4
Fighting COVID-19 with Science $2.7 billion, including $1.4 billion for immediate needs More testing More vaccines and boosters Personal protection equipment Surge staffing for hospitals Emergency supplemental paid sick leave 2022-23 Governor s Budget 5
Proposition 98 Funding 2022-23 Governor's Budget 2022-23 Governor s Budget 6
Higher Education Compacts Sustained growth for UC and CSU: 5% per year for 5 years Expanding access for California students Reducing total costs of college through timely degree completion Closing equity gaps Strengthening occupational pathways in education, health care, technology and climate change 2022-23 Governor s Budget 7
Economic Growth and Job Creation R&D and NOL restoration one year early Climate New innovation HQ credit investing in California Climate Future New Credit to spur development of new green energy industries Support development of Lithium Valley Research at the UC, including new network of technology incubators 2022-23 Governor s Budget 8
Strengthening Small Business $3 billion to reduce Unemployment Insurance Trust Fund Debt Exempt state tax from shuttered venue and restaurant loans Ongoing funding for technical assistance programs New entrepreneurship grants and expanded iHubs Fee waivers for new business startups $45 million to support tourism recovery 2022-23 Governor s Budget 9
Expanding Workforce Training and Opportunity Focus on Education, Health Care, Technology, Climate Change $1.7 billion to expand health and human services workforce Expanded investments to increase teacher training pipeline $125 million for Climate Workforce Oil and Gas Well Capping Initiative, including support for displaced workers 2022-23 Governor s Budget 10
Infrastructure and Climate Change $9.1 billion for high speed rail, regional transit and rail, bike and pedestrian safety, climate adaptation Goods Movement/Ports $1.2 billion infrastructure $110 million workforce training $70 million to license more truck drivers and data improvements at the ports $6.1 billion for zero emission vehicles and infrastructure $2 billion for clean energy $2 billion for affordable housing 2022-23 Governor s Budget 11
Health Care Affordability Universal access to health coverage, regardless of immigration status New Office of Health Care Affordability: Increase transparency of pricing Develop cost targets for different sectors of the industry, including financial penalties for failing to meet these targets 2022-23 Governor s Budget 12
Homelessness Last year $12 billion to build permanent supportive housing and to support local government efforts. $2 billion this year for: Quicker solutions for housing individuals with behavioral health needs Encampment resolution grants 2022-23 Governor s Budget 13
Crime $285 million for local law enforcement and local prosecutors to respond to organized retail theft Increased resources for the Attorney General and CHP to support these efforts $20 million to support small businesses victimized by retail theft $25 million to get guns off the streets $20 million for increased drug interdiction 2022-23 Governor s Budget 14
