The Legislative Analyst's Office has released its overview of the governor's proposed budget. Read it here.
One key paragraph that addresses the Brown budget's reliance on higher taxes that must be approved by voters in November:
Revenue Estimates Bigger Question Mark Than Usual
Our revenue estimates—including estimates of state revenue gains from the Governor's proposed initiative—currently are lower than the administration's. Already, California's budget is dependent on volatile income tax payments by the state's wealthiest individuals, and the Governor proposes that these Californians pay more for the next few years. As has become evident in recent years, differing fortunes for these upper–income taxpayers can create or eliminate billions of dollars of projected state revenues. If our current revenue estimates are closer to the target than the administration's, the Legislature will have to pursue billions of dollars more in budget–balancing solutions.
Update 1:35 p.m. Our Sacramento Bureau Chief John Myers has put up his blog post on today's report.