Newsom unveils revised budget proposal with nearly $100 billion surplus

Gov. Gavin Newsom outlined his revised state budget proposal Friday, including a $300 billion topline spending budget and an unprecedented surplus of nearly $100 billion.

The $300.7 billion budget, including a $227.4 billion general fund, is roughly 5 percent larger than Newsom’s initial budget proposal that he unveiled in January. The revised proposal is released annually in May to account for updated tax revenue projections.