In this report, we provide an analysis of the Governor's budget proposals for the state's child care and preschool programs. Specifically, we review the caseload and cost assumptions underlying the Governor's proposal. We find that the Governor likely overestimates caseload and underestimates per-child costs—on net leaving child care funding a few million dollars short of fully covering 2014-15 costs. Once additional data is released in April, the Legislature will be able to develop more accurate caseload and cost estimates for the child care programs in 2014-15.