Economy

Gov. Gavin Newsom signed the 2024-25 budget into law on June 29, solidifying $16 billion in cuts and other moves that closed a $46.8 billion deficit.  The budget is $297.5 billion, with $211.5 billion committed from the general fund. It maintains $22.5 billion in reserve...

Gov. Gavin Newsom and legislative leaders reached a nearly $300 million budget agreement on June 21 that closes a $46.8 billion deficit that was projected for the coming fiscal year with across-the-board cuts of nearly 8% to every department.  The $297.5 billion budget is proposed...

The Affordable Connectivity Program, a federal program that provides internet access to low-income families, has ended after Congress failed to reach an agreement to keep funding it. Over 23 million households—including thousands in Santa Clara and San Benito counties—will no longer receive federal subsidies...

Multiple city leaders from the Bay Area were in the Chinese city of Chongqing on May 19 as part of a weeklong trip intended to foster investment, business and tourism exchanges between China and cities in Northern California. The May 19-26 trip was organized by...

The City of Morgan Hill recently embarked on an “Economic Mobility Study” to better understand the community's needs and address existing disparities in housing and access to opportunity, says a press release from the city.  With a grant from the Bill & Melinda Gates Foundation...

After Gov. Gavin Newsom rolled out a deficit-bridging budget plan in January, advocates pushing for more affordable housing and shelters hoped he might reconsider his intent to make deep cuts—or scrounge up some more money. On May 10, Newsom released a revised proposal showing that...

The City of Morgan Hill this week released its recommended two-year budget for the fiscal years starting this fall, and officials are urging members of the public to attend a series of upcoming meetings to learn more about the spending plan and offer suggestions.  The...

In a step toward building the first massive wind farms off California’s coast, three Assemblymembers on Feb. 12 proposed a $1 billion bond act to help pay for the expansion of ports. The bill, if approved, would place a bond before voters aimed at helping...

The Morgan Hill Unified School District is facing an annual budget deficit of more than $13 million by 2025, and may have to cut a number of staff and programs that have been funded by state and federal pandemic funds in recent years.  The district’s...

California is in a budget hole, its depth measured not in feet, but in dollars. How deep? A projected $38 billion deficit, according to Gov. Gavin Newsom, who said Jan. 10 he will declare a fiscal emergency when necessary and unveiled his initial plan to...