May Revision of the 2018-2019 Budget: Impact on California’s Older Adults and People with Disabilities
summary
On May 11, 2018, California Governor Edmund G. Brown, Jr. released the May Revision of the 2018-2019 budget. While it includes a significant increase in revenues and modest program investments for older adults and people with disabilities, the state still has no overarching master strategy to meet the needs of an aging California. Read more in this fact sheet.
Date Updated: 05/31/2018
Overview
On May 11, 2018, Governor Edmund G. Brown, Jr. released an updated budget forecast for the 2018-2019 budget, referred to as the “May Revision,” which accounts for changes in revenues and proposed changes to expenditures from the January budget. The May Revision reflects a revenue increase of $3.7 billion above the January projections, and an $8 billion General Fund (GF) surplus from fiscal year 2017-2018 for a total of $142 billion in GF resources.1 The May Revision includes $138 billion in GF expenditures, leaving a reserve of $3.2 billion GF for the fiscal year beginning on July 1, 2018, and ending June 30, 2019.1,2 The Budget Stabilization Account, referred to as the Rainy Day Fund, is projected to increase to $13.8 billion.1 As part of the May Revision, the governor proposes an additional $4 billion in new, one-time GF spending in fiscal year 2018-2019 for infrastructure, homelessness, and mental health investments…
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