California's 2023-24 State Budget

In the wake of market volatility, California faces a challenging fiscal outlook for the next couple of years and our state government has enacted a carefully crafted approach to addressing the needs of our state and its people. The following are a few highlights in our state’s $310 billion budget that maintains core programs, protects essential reserves, and ensures continued economic stability:

  • Homelessness: $1 billion in ongoing funding to the Homeless Housing Assistance and Prevention program to assist local efforts;
  • Housing: $100 million for the Multi-Family Housing Program (the state’s flagship affordable housing development program) and $100 million for the Cal Home Program (affordable housing retention and rehabilitation);
  • Environment and Energy: $1.25 billion for clean energy and coastal resilience, ensuring allocations for the state to meet vehicle electrification goals, decarbonization efforts, and the defense of parts of the state most threatened by climate change;
  • Education: Maintains core education funding, including a 8.22% cost of living adjustment for the public school system, restoration of arts funding, screening for students with reading difficulties, and substantial childcare funding;
  • Transportation: $5.1 billion in flexible funding for capital and operational investments along with continued allocations to address homeless encampments along state highways;
  • Health and Human Services: $2.7 billion annually (beginning in 2025) with renewal of the Managed Care Organization tax to invest in the healthcare system, as well as other significant investments into childcare, Covered California, nursing programs in community colleges, and immediate help for distressed hospitals; and
  • Planning Ahead: $37.8 billion in the state’s Rainy Day Fund, ensuring protection of our most vital government functions during the next economic downturn.

The new state budget also includes many more localized supports and improvements. For example, I’m pleased that we were able to secure funding focused on land conservation and improvement of vital gathering spaces in our area. This includes millions of dollars to assist in the acquisition and conservation of publicly accessible parkland in the Santa Monica mountains; significant funding to revitalize the YMCA’s Simon Meadows at the base of Temescal Canyon in the Palisades, and Mas Fukai Park in Gardena; and to refurbish and modernize historic properties such as the Log Cabin in West Hollywood.

To learn more about the budget specifics for the state’s 2023-24 fiscal year, you can find in-depth breakdowns here.