California Governor Gavin Newsom released his January budget proposal for the 2023-24 fiscal year Tuesday. The proposal accounts for a projected $22.5 billion “budget gap,” or deficit, a major change from the $100 billion surplus the state saw in its last budget. According to Jeffrey Cummins, a Fresno State University political science professor who studies California politics, this is the biggest “swing” the state has ever seen. “Revenues for the coming fiscal year are significantly lower than previously anticipated — mainly due to declines in withholding and capital gains taxes, which are inherently volatile,” Newsom said in a letter addressed to the State Assembly and Senate. “But with careful planning and (the Assembly and Senate) partnership, we find ourselves in a strong position to withstand this dip in revenues while maintaining funding for programs and services that are relied on by millions of Californians.” Former State Assembly member and campus political science lecturer Ted Lempert said the state’s budget is more “volatile” than other states because of its strong reliance on the stock market and especially capital gains tax. To deal with the deficit, according to Lempert, many one-time funds will be delayed. This includes funding for UC Berkeley’s planned transition to entirely clean energy. Lempert also said that last year’s budget put an unusual emphasis on one-time funding, “to the chagrin of many of us.” Newsom outlined several other projects in the proposal, including implementing universal transitional kindergarten and providing two free school meals a day per student, as well as continued funding for housing and homelessness. This will include aid to local governments, the Homekey effort, encampment resolution grants, Project Roomkey and more, according to the state’s budget fact sheet.