July 2024
Proposition 98 Key Inputs and Outcomes Under 2024-25 Budget Package
(Dollars in Millions)
2022-23 Final |
2023-24 Revised |
2024-25 Estimated |
|
Proposition 98 Funding | |||
General Fund | $73,946a | $67,095b | $82,612 |
Local property tax | 29,774 | 31,389 | 32,670 |
Totals | $103,720 | $98,484c | $115,283 |
Change From Prior Year | |||
General Fund | -$9,808 | -$6,851 | $15,517 |
Percent change | -11.7% | -9.3% | 23.1% |
Local property tax | $2,973 | $1,615 | $1,281 |
Percent change | 11.1% | 5.4% | 4.1% |
Total funding | -$6,835 | -$5,235 | $16,798 |
Percent change | -6.2% | -5.0% | 17.1% |
Inputs | |||
General Fund tax revenued | $176,979 | $185,490 | $200,107 |
K-12 average daily attendancee | 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)f | -18.8 | 5.4 | 8.2 |
Maintenance Factor | |||
Amount created (+) or paid (-) | - | $8,329 | -$4,072 |
Total outstanding | - | 8,329 | 4,623g |
Proposition 98 Reserve | |||
Deposit (+) or withdrawal (-) | $272 | -$8,413 | $1,054 |
Cumulative balance | 8,413 | - | 1,054 |
Operative Test | 1 | suspended | 1 |
a Includes $6.2 billion in funding that exceeds the revised calculation of the Proposition 98 guarantee. For the purpose of calculating the guarantee in future years, the $6.2 billion is attributed to 2022-23. For state budgeting and accounting purposes, the $6.2 billion is accrued to the 2026-27 through 2035-36 fiscal years. | |||
b Excludes $938 million supplemental payment associated with Proposition 28 (2022). Beginning in 2024-25, this amount is folded into the Proposition 98 guarantee. | |||
c Chapter 27 of 2024 (SB 154, Committee on Budget and Fiscal Review) suspends the Proposition 98 guarantee and sets the funding level for schools and community colleges at this amount. Absent suspension, the Proposition 98 guarantee would have been $106.8 billion. | |||
d Excludes nontax revenues and transfers, which do not affect the calculation of the guarantee. | |||
e Includes attendance attributable to the expansion of transitional kindergarten. | |||
f Reflects change in per capita General Fund plus 0.5 percent. | |||
g As required by the California Constitution, the total outstanding maintenance factor balance in 2024-25 includes an increase of $366 million to account for growth in per capita personal income and K-12 attendance. |