TLDR:
- California Governor Newsom released the May Revise of his 2024-2025 budget, proposing increases in expenditures and authorized positions for the Department of Financial Protection & Innovation.
- The May Revise includes a request for $7.9 million in 2024-2025 and $11.6 million the following year to implement a venture capital company reporting law.
California Governor Newsom recently released the May Revise of his 2024-2025 budget, proposing a 6.33% increase in expenditures and a 3.42% increase in authorized positions for the Department of Financial Protection & Innovation. The budget includes adjustments related to rent increases, the development of an online search portal as required by SB 54, and the implementation of the Digital Financial Assets Law Program as required by AB 39. The most notable aspect of the May Revise is the inclusion of a request for $7.9 million in 2024-2025 and $11.6 million the following year to implement a venture capital company reporting law. This law, which requires venture capital companies to report specified information about their funding determinations, including demographic information for founding teams of businesses, was signed by Governor Newsom despite its “problematic provisions”. If the legislature approves the budget, the DFPI’s authorized expenditures for the next fiscal year would be $178.1 million with a total of 876 authorized positions.
