July 2024

Proposition 98 Overview

Tracking Changes in the Proposition 98 Guarantee

(In Millions)

   2022-23   2023-24
June 2022 (Enacted) June 2023 (Revised) June 2024 (Final) Change From June 2023   June 2023 (Enacted) June 2024 (Revised) Change From June 2023
Minimum Guarantee $110,354 $107,359 $97,527 -$9,832   $108,312 $106,814 -$1,498
Proposition 98 Funding                
General Fund $82,312 $78,117 $73,946 -$4,172   $77,457 $67,095 -$10,362
Local property tax 28,042 29,241 29,774 532   30,854 31,389 535
   Totals $110,354 $107,359 $103,720 -$3,639   $108,312 $98,484b -$9,827
Funding Above/Below (+/-) Guarantee - - $6,193a $6,193   - -$8,329c -$8,329
                 
a The June 2024 budget plan provides nearly $6.2 billion more than the Proposition 98 guarantee in 2022-23. This amount is attributed to 2022-23 for the purpose of calculating the guarantee in future years but accrued to the 2026-27 through 2035-36 fiscal years for state budgeting and accounting purposes.      
b Excludes $8.4 billion in withdrawals from the Proposition 98 Reserve.
c The June 2024 budget plan suspends the minimum guarantee in 2023-24, allowing the state to provide less funding than the California Constitution otherwise would require.