Those are the comments of Governor Gavin Newsom on May 14, 2026, as he opened the two-hour press conference [available via You Tube] introducing the release of the Mid-May Revision to the California proposed budget for fiscal year 2026-27.

For the fifth year in a row, we’re reporting in real time “on the extraordinary ‘budget process’ of a state with an economy larger than most nations in the world and a population that includes about 1 out of every 8 Americans.” See CA State Budget Negotiations Heat Up (April 21, 2026).

It’s been a rollercoaster ride over this volatile five-year time frame: surpluses (2022); deficits (2023, 2024); slight move back into surplus territory, offset by the cruel fiscal turmoil unleashed from the Oval Office (2025).

Now in 2026, we remain in the grip of the federal slash-and-burn policies (like 2025), but we’re also enjoying surpluses that are exploding month over month (like 2022).

The Budget: 2026

All of this volatility and chaos is set against the tightly scripted “annual budget ritual” prescribed by the California Constitution. Those mandates, of course, include the balanced-budget requirement.

In an ordinary year, there are three key dates in the January – June time frame:

  • The January 10th deadline for the governor to present a proposed budget;
  • The May 15th deadline for the governor to present a revised budget (i.e., the Mid-May Revision); and
  • The June 15th deadline by which the Assembly and the Senate must approve a balanced budget for the governor’s signature by the end of that month.

Similarly, we usually write a blog post just after each of those key dates.

This year was different: see –

The Mid-May Revision

Now, three weeks after the April 21st blog post, we’re at the Mid-May Revision point. Yesterday, Governor Newsom timely released his revised budget package for FY 2026-2027. There are multiple parts to this massive release, including:

Preliminary Reactions and Commentary

This is an enormous amount of information to digest, much of which is technical. The 105-page main document is particularly obtuse for non-budget experts.

Happily, there are always many articles and posts providing explanations, commentary, and opinions on the Governor’s choices to deal with the extraordinary fiscal circumstances this year.

See, for example:

These selections are the tip of the iceberg. There will be many more in the coming hours and days.

Conclusion

“The California budget process moves quickly after the governor releases the ‘May Revision’ in mid-May. This revised budget proposal opens a crucial window for public engagement, but the tight timeline can make advocating for your priorities challenging.” See What Happens After the May Revision is Released?: Fact Sheet (May 2024) Scott Graves and Kat Petsalis, calbudgetcenter.org.

– Linda J. Rosenthal, J.D., FPLG Information & Research Director 

 

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