California has more money than projected after admin miscalculated state budget
6 hours ago
- #Accounting Error
- #Government Transparency
- #California Budget
- Governor Newsom's administration miscalculated California's state budget by $2 billion related to CalPERS contributions.
- The accounting errors included double-counting contribution rates ($1.6 billion) and incorrect future rate calculations ($450 million).
- Legislative leaders knew about the errors for months but did not publicly disclose them, citing standard practice for budget revisions.
- The Newsom administration denies it was an error, calling it a revision to better estimate payments, to be corrected in the May budget update.
- The miscalculation means the projected $2.9 billion shortfall could be smaller, but the state still faces significant budget deficits ahead.