California Breakdown of Savings for Budget and Emergency Fund
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How to fill out Breakdown Of Savings For Budget And Emergency Fund?
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FAQ
The 2022-23 Governor's Budget proposes spending of $286.4 billion in total state funds, consisting of approximately $213.1 billion from the General Fund, $65.3 billion from special funds, and $8 billion from bond funds.
The state has a $31 billion surplus under our main forecast. However, revenues easily could end up tens of billions of dollars above or below our main forecast. If revenues in 2021201122 and 2022201123 are at the lower end of our most likely alternative outcomes, the surplus could be as low as $10 billion.
Revenues come mainly from tax collections, licensing fees, federal aid, and returns on investments. Expenditures generally include spending on government salaries, infrastructure, education, public pensions, public assistance, corrections, Medicaid, and transportation.
The largest functional category of state expenditures (more than 30% of the total) is K12 education, followed by health and human services (25%); higher education (11%); business, transportation, and housing (10%); and corrections (7%). THE STATE'S REVENUES DECLINED SHARPLY DURING THE NATIONAL RECESSION.
70% is for monthly expenses (anything you spend money on). 20% goes into savings, unless you have pressing debt (see below for my definition), in which case it goes toward debt first. 10% goes to donation/tithing, or investments, retirement, saving for college, etc.
Senator Elizabeth Warren popularized the so-called "50/20/30 budget rule" (sometimes labeled "50-30-20") in her book, All Your Worth: The Ultimate Lifetime Money Plan. The basic rule is to divide up after-tax income and allocate it to spend: 50% on needs, 30% on wants, and socking away 20% to savings.
For example, in California, counties administer many public welfare programs, including Medicaid and TANF. As a result, in 2019 public welfare spending accounted for nearly half of state government direct expenditures (44 percent) but a small share of local government direct expenditures (4 percent).
More than 70 cents out of every dollar spent through the state budget goes to local communities, health care providers, and individuals (Figure 1). This spending known as local assistance in budget-speak includes state dollars that go to: Public schools and community colleges.
The 50/30/20 rule budget is a simple way to budget that doesn't involve detailed budgeting categories. Instead, you spend 50% of your after-tax pay on needs, 30% on wants, and 20% on savings or paying off debt.
Our 50/30/20 calculator divides your take-home income into suggested spending in three categories: 50% of net pay for needs, 30% for wants and 20% for savings and debt repayment.
