May 2025
Proposition 98 Overview
Comparing Proposition 98 Guarantee Under Governor's Budget and May Revision
In Millions
| 2023-24 | 2024-25 | 2025-26 | Three-Year Totals | |
| Governor's Budget | ||||
| General Fund | $67,093 | $86,619 | $84,603 | $238,314 |
| Local property tax | 31,392 | 32,569 | 34,321 | 98,282 |
| Totals | $98,484a | $119,188 | $118,923 | $336,595 |
| General Fund tax revenue | $188,918 | $206,495 | $213,621 | $609,034 |
| May Revision | ||||
| General Fund | $67,094 | $86,620 | $80,747 | $234,461 |
| Local property tax | 31,390 | 32,317 | 33,821 | 97,528 |
| Totals | $98,484a | $118,938 | $114,568 | $331,990 |
| General Fund tax revenue | $191,840 | $208,743 | $204,041 | $604,624 |
| Change | ||||
| General Fund | $1 | $2 | -$3,855 | -$3,852 |
| Local property tax | -1 | -252 | -500 | -753 |
| Totals | — | -$250 | -$4,355 | -$4,606 |
| General Fund tax revenue | $2,922 | $2,248 | -$9,580 | -$4,410 |
| a The June 2024 budget suspended the guarantee and set this amount as the intended funding level. | ||||