Record revenues expected in California Budget proposal $14 billion allocated for investment in economic recovery Governor Gavin Newsom last week submitted his 2021-22 State Budget proposal to the Legislature – a record $227.2 billion fiscal blueprint that is a staunch reversal from summer fears of a drop in California revenue. The proposal provides funding for immediate COVID-19 response and relief efforts where Californians need it most while making investments for an equitable, inclusive and broad-based economic recovery. The Budget has benefited from stock market gains and income growth among the state’s wealthiest residents, which paints a picture of disconnect between California’s affluent and those who are struggling due to COVID-19.