Democratic California Gov. Gavin Newsom’s multiyear plan to spend $10 billion in climate bond funds has merit, but needs more legislative oversight, state analysts said in a report released Wednesday.
Topline: The Legislative Analyst’s Office offered largely positive thoughts on Newsom’s plan to distribute funds from Proposition 4, the bond approved by voters in November, writing that it strikes a balance between “quick distribution of funds and thoughtful implementation of programs.”
The plan Newsom proposed in January would spend nearly $2.7 billion in bond funds during the 2025-26 fiscal year, while divvying up the most of the remaining funds — all but $814 million — through 2040.
The LAO said the multiyear approach would offer “a more coordinated, strategic approach” that provides funding certainty to state agencies and programs that receive grant funding. But it cautioned that the plan could limit legislative deliberations around newer, less-established programs — like those focused on extreme heat — that could benefit from closer oversight.
