Firm Updates and Announcements
Assemblymember Josh Hoover and budget expert Tom Sheehy discuss all things budget including his experience crafting fiscal policy for multiple governors, how the state budget process works, the nonpartisan Legislative Analyst Office’s estimates, and predictions for California in the coming year.
Read MoreCalifornia state government revenues are almost impossible to forecast at this point. At least as it relates to the personal income tax we simply don’t know how much money the states going to have. And personal income tax matters because it makes up almost 2/3 of the state general fund budget.
Read MoreIn our ongoing explainer video series, the Sheehy Strategy Group unravels the significant roles played by California's key governmental agencies. Our latest video delves into the Legislative Analyst's Office (LAO), an essential nonpartisan agency that provides objective fiscal and policy analysis to the State Legislature.
Read MoreThe state’s population has been decreasing for several years, and the state Department of Finance recently projected that it would remain unchanged at 38 – 40 million residents until 2060 — a huge change from earlier predictions that it would top 50 million by then.
Read MoreTo further complicate things for Governor Newsom and his Department of Finance, the day after the governor's May revision was released on May 13, the Legislative Analyst's Office came out and said that the governor's revenue numbers were “plausible but unlikely.” The analyst estimates there is about $11 billion less in revenue than the governor's May revision originally calculated.
Read MoreOn Friday, May 12, 2023, Governor Newsom released his revision to the state budget he first unveiled in January. When Governor Newsom provided his budget to the Legislature in January, it was intended to solve a $21.5 billion budget deficit. The deficit was a shock following last year when the Governor was touting a budget surplus of almost $100 billion.
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