Commentary
A sensible family or business uses good times to prepare for the future. Maybe the roof to the house or building needs to be replaced, preventing future leaks while increasing equity. Maybe a savings account is padded to prepare for future contingencies.
Unfortunately, such a mindset still does not prevail in the California budget process. May 20 is the date Gov. Gavin Newsom’s office announced he will be presenting his May Revision to his January 10 budget proposal for fiscal year 2022-23, which begins on July 1. It’s the “May Revise,” in Capitol parlance.
Whereas the January numbers to some extent are aspirational, the May Revise numbers begin the grind in the legislature to the June 15 constitutional deadline to pass a budget. So the figures are more realistic.
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