what is california's budget deficit
Overview of the California state budget. Taxes and fees are projected to put about $82 billion into California's general fund for the fiscal year starting July 1. But at current rates, the state would spend about $22 billion more than that. The gap between revenue and spending plus the gap in the current fiscal year's budget and reserve funds adds up to the total deficit, now estimated at about $28 billion. Closing the gap is made harder by several mandates.