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May 2022

Proposition 98 Overview

Proposition 98 Key Inputs and Outcomes Under May Revision

Dollars in Millions

  2020-21 2021-22 2022-23
Minimum Guarantee      
General Fund $70,204 $83,639 $82,292
Local property tax 25,869 26,560 28,042
   Totals $96,073 $110,199 $110,334
Change From Prior Year      
General Fund $15,721 $13,434 -$1,346
   Percent change 28.9% 19.1% -1.6%
Local property tax $1,022 $691 $1,482
   Percent change 4.1% 2.7% 5.6%
Total guarantee $16,744 $14,126 $135
   Percent change 21.1% 14.7% 0.1%
Inputs      
General Fund taxesa $184,709 $220,009 $214,835
K-12 average daily attendance 5,871,691 5,518,744 5,615,432
Growth Factors      
K-12 average daily attendance -0.4% -6.0% 1.8%
Per capita personal income 3.7% 5.7% 7.6%
Per capita General Fundb 30.3% 20.0% -2.7%
Operative Test 1 1 1
Proposition 98 Reserve:      
Deposit/withdrawal (+/-) $3,302 $3,991 $2,226
Balance 3,302 7,293 9,519
       
a Reflects General Fund revenue that affects the calculation of the guarantee.
b Reflects per capita General Fund plus 0.5 percent (one of the Test 3 factors).
Note: No maintenance factor is created, paid, or owed over the period.