May budget revise + $400 million to fight climate change + Cannabis banking

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California’s new governor is sitting on a comfy $20 billion surplus, and corporate taxes that came in last month were nearly $1 billion ahead of schedule, to a total $3.4 billion. And when it comes to increasing funding for often-overlooked programs, Newsom has indicated he’ll reach into the piggy bank a little more than his predecessor Jerry Brown did.

Newsom announced on Tuesday that he will add $130 million for childcare costs and expand a proposed tax credit for families with children under 6 from $500 to $1,000. His current proposal also expands the family leave policy by two weeks, a cost California would finance with the state’s reserves.

As political reporter Sophia Bollag’s noted, the new budget will likely highlight what proposed taxes Newsom wants the most. They could be a water tax, fees on fertilizer and dairy products and a penalty on anyone who doesn’t buy insurance under the individual mandate.

The press conference is scheduled for 10:30 a.m. in room 1190 at the Capitol. Follow Bollag for budget story updates and all gubernatorial coverage.

$400 MILLION

That’s what Assemblyman Eduardo Garcia, D-Coachella, asked Senate and Assembly budget subcommittees to allocate $400 million to finance programs that the Greenhouse Gas Reductions Fund covers.

Garcia and state Sen. Henry Stern, D-Canoga Park, held a press conference Monday asking the Legislature for the money, which would go toward programs that include urban forestry, conservation and greening efforts, as well as healthy soil and climate adaptation and restoration

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