… In the last two years … decreased tax revenues necessitated significant cuts to the state budget, and water and climate projects experienced a 21% reduction, resulting in a final FY25 budget of $12.9 billion. But even after these cutbacks, the General Fund budget allocated to climate and natural resources investments since 2021 remains significant—larger than any general obligation bond that’s ever been on the ballot. The use of the General Fund for these projects marks a departure from how California typically funds water and climate projects, which is usually through general obligation bonds passed by a simple majority vote in elections. The following provides more detail on the program areas currently supported through the General Fund.

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