EdBudget Figures
Related Figures
- Comparing Proposition 98 Guarantee Under Governor's Budget and May Revision
- Proposition 98 Funding Changes by Segment and Source
- Proposition 98 Funding Per Student Under May Revision
- LAO May Outlook Estimates of Proposition 98 Guarantee
- Comparing LAO and May Revision Estimates of the Proposition 98 Guarantee
- Proposition 98 Spending Proposals Under May Revision
May 2023
Proposition 98 Overview
Proposition 98 Key Inputs and Outcomes Under May Revision
Dollars in Millions
| 2021-22 | 2022-23 | 2023-24 | |
| Minimum Guarantee | |||
| General Fund | $83,754 | $78,115 | $77,435a |
| Local property tax | 26,800 | 28,656 | 29,404 |
| Totals | $110,554 | $106,771 | $106,839 |
| Change From Prior Year | |||
| General Fund | $13,549 | -$5,638 | -$680 |
| Percent change | 19.3% | -6.7% | -0.9% |
| Local property tax | $932 | $1,856 | $748 |
| Percent change | 3.6% | 6.9% | 2.6% |
| Total guarantee | $14,481 | -$3,783 | $68 |
| Percent change | 15.1% | -3.4% | 0.1% |
| Inputs | |||
| General Fund taxesb | $220,312 | $204,533 | $201,213 |
| K-12 average daily attendance | 5,349,982 | 5,356,421 | 5,371,161 |
| Growth Factors | |||
| K-12 average daily attendance | -8.9% | 0.1% | 0.3% |
| Per capita personal income | 5.7% | 7.6% | 4.4% |
| Per capita General Fundc | 19.8% | -6.2% | -0.8% |
| Operative Test | 1 | 1 | 1 |
| Proposition 98 Reserve | |||
| Deposit/withdrawal (+/-) | $4,840 | $1,795 | $748 |
| Balance | 8,142 | 9,936 | 10,684 |
| a Excludes $933 million supplemental payment associated with Proposition 28 (2022). | |||
| b Excludes nontax revenues and transfers, which do not affect the calculation of the guarantee. | |||
| c Reflects per capita General Fund plus 0.5 percent (one of the Test 3 factors). | |||
| Note: No maintenance factor is created or paid over the period. | |||