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Newsom’s Finance Director Joe Stephenshaw Opens 2026-27 Budget Debate with Cautious Plan

SAN DIEGO VOICE AND VIEWPOINT — The administration says the budget reflects caution as well as confidence. It would build total reserves to $23 billion, including a $3 billion deposit into the Rainy-Day Fund, and spend $11.8 billion over four years to reduce pension debt.

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4 months ago

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January 14, 2026

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California’s Director of Finance, Joe Stephenshaw, presented the $348.9 billion proposed budget on Jan. 9, 2026, on behalf of Gov. Gavin Newsom. It was the second consecutive year Newsom did not personally deliver the budget. In January 2025, he was responding to emergency wildfires in Los Angeles, which prevented him from presenting the state’s fiscal forecast. Credit: CBM photo by Antonio Ray Harvey.

California’s Director of Finance, Joe Stephenshaw, presented the $348.9 billion proposed budget on Jan. 9, 2026, on behalf of Gov. Gavin Newsom. It was the second consecutive year Newsom did not personally deliver the budget. In January 2025, he was responding to emergency wildfires in Los Angeles, which prevented him from presenting the state’s fiscal forecast. Credit: CBM photo by Antonio Ray Harvey.

Related Topics:California 2026-27 budget proposal California budget deficit 2026 California budget May Revision California budget political debate California budget press conference California budget shortfall projections California community college funding California Democratic budget priorities California economic growth assumptions California education funding 2026 California food assistance cuts California homelessness funding 2026 California immigrant health coverage changes California K-12 school funding California Medi-Cal budget increase California pension debt reduction California per-student funding record California Rainy-Day Fund reserves California Republican criticism of budget California safety-net programs California special education budget featured Gavin Newsom state budget high-needs community schools funding Homekey program California Homeless Housing Assistance and Prevention program Joe Stephenshaw Finance Director Legislative Analyst’s Office budget forecast One Big Beautiful Bill Act Proposition 98 education funding Trump federal budget law impact universal transitional kindergarten California

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