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
- Proposition 98 Spending Proposals Under May Revision
- LAO May Outlook Estimates of Proposition 98 Guarantee
- Comparing LAO and May Revision Estimates of the Proposition 98 Guarantee
May 2024
Proposition 98 Overview
Proposition 98 Key Inputs and Outcomes Under May Revision
Dollars in Millions
| 2022-23 | 2023-24 | 2024-25 | |
| Minimum Guarantee | |||
| General Fund | $67,753 | $71,500 | $76,606a |
| Local property tax | 29,774 | 31,072 | 32,524 |
| Totals | $97,527 | $102,572 | $109,129 |
| Change From Prior Year | |||
| General Fund | -$16,001 | $3,747 | $5,106 |
| Percent change | -19.1% | 5.5% | 7.1% |
| Local property tax | $2,973 | $1,298 | $1,452 |
| Percent change | 11.1% | 4.4% | 4.7% |
| Total guarantee | -$13,027 | $5,045 | $6,558 |
| Percent change | -11.8% | 5.2% | 6.4% |
| Inputs | |||
| General Fund Tax Revenueb | $176,979 | $185,454 | $195,020 |
| K-12 average daily attendance | 5,405,197 | 5,468,503 | 5,508,796 |
| Growth Rates | |||
| K-12 average daily attendance | 1.0% | 1.2% | 0.7% |
| Per capita personal income (Test 2) | 7.6% | 4.4% | 3.6% |
| Per capita General Fund (Test 3)c | -18.7% | 5.4% | 5.5% |
| Proposition 98 Reserve | |||
| Deposit (+) or withdrawal (‑)d | $272 | -$5,823 | -$2,590 |
| Cumulative balance | 8,413 | 2,590 | 0 |
| Operative Test | 1 | 1 | 1 |
| a Includes adjustment for arts education funding as required by Proposition 28 (2022). | |||
| b Excludes nontax revenues and transfers, which do not affect the calculation of the guarantee. | |||
| c As set forth in the State Constitution, reflects change in per capita General Fund plus 0.5 percent. | |||
| d Accounts for required and discretionary changes to the Proposition 98 Reserve. | |||
| Note: No maintenance factor is created or paid over the period. | |||