What businesses need to know about California’s $227 billion proposed budget

Gov. Gavin Newsom presented his $227 billion proposed budget on Friday, laying out a massive spending plan aimed at steering the state out of the havoc of the coronavirus pandemic. Despite the economic turmoil caused by the pandemic, the 2021-2022 budget includes $34 billion in “budget resiliency,” Newsom said. That includes a surplus of nearly $15 billion and additional funds proposed to go toward the state’s “rainy day fund” and retiree benefits. While the budget is currently balanced,…...