Business

Stephenshaw Delivers 2025-26 California Budget Amid Wildfire Crisis   

The Governor’s budget proposal projects a surplus of $363 million, alongside $17 billion in reserves, including $10.9 billion in the Rainy-Day Fund and an additional $4.5 billion in the Special Fund for Economic Uncertainties. However, the Legislative Analyst’s Office (LAO) has expressed a more cautious outlook, estimating a $2 billion deficit.

Published

1 year ago

January 18, 2025

Oakland Post

California Dept. of Finance Director Joe Stephenshaw, left, and Chief Deputy Director Erika Li, right, presented Gov. Gavin Newsom's $322 billion state budget proposal at the State Capitol Annex Swing Space on Jan. 10. CBM photo by Antonio Ray Harvey.

By Joe W. Bowers Jr, California Black Media   

California Department of Finance Director Joe Stephenshaw, standing in for Gov. Gavin Newsom, presented the state’s $322.3 billion proposed budget for the 2025-26 fiscal year at a press briefing on Jan. 10.

The presentation, held at the Media Briefing Room of the Swing Space Building in Sacramento, began with Stephenshaw addressing the devastating wildfires sweeping through Southern California. He affirmed the state’s commitment to enhancing wildfire preparedness and resilience, emphasizing ongoing efforts to protect communities and natural resources.

“The budget I present to you today reflects a balanced approach, one that avoids new cuts to core programs while continuing investments in critical areas like wildfire preparedness, education, and economic resilience,” Stephenshaw stated.

Stephenshaw highlighted the administration’s progress in fiscal management, noting, “Thanks to the budget framework that the Governor proposed last May to not only balance the budget for the upcoming fiscal year but also ensure that our special fund for economic uncertainty was balanced for the next fiscal year.

The proposed budget includes savings from the elimination of 6,500 vacant government positions, generating $1.2 billion over two years. Additional operational efficiencies, such as reduced state travel budgets and IT system modernization, are expected to save $3.5 billion.

The budget introduces stricter accountability measures for homelessness funding, including enhanced oversight of the Homeless Housing, Assistance, and Prevention program. Frequent reporting of expenditures and outcomes will be required to ensure effective use of funds. Investments also target affordable housing development, including funding for low-income housing tax credits and $100 million for encampment resolution efforts.

The proposed budget includes programs like the California Competes program and workforce development initiatives that continue to support small businesses, including Black businesses, and promote economic growth. The budget also maintains $1.6 billion in public safety funding, including $283.6 million in 2025-26 to enhance enforcement, prosecution, and accountability.

Dr. Akilah Weber Pierson (D-San Diego), Chair of the California Legislative Black Caucus (CLBC), stated, “We thank the Governor and Department of Finance staff for their work on this initial budget proposal. While the governor’s spending plan seeks to achieve fiscal responsibility, there is much to do in the way of addressing the economic inequality faced by our most vulnerable populations.” She added that the CLBC is committed to collaborating with legislative colleagues and the administration to safeguard and expand investments in underserved communities.

Assembly Minority Leader James Gallagher (R – Yuba City) offered a sharp critique on the budget, particularly targeting Newsom’s economic policies. “Newsom is doubling down on the same failed programs that stuck Californians with record homelessness, soaring energy and housing costs, and one of the highest unemployment rates in the nation,” Gallagher stated.

The proposed budget now heads to the Legislature for deliberation and potential adjustments before Newsom revises it in May. By law, the process must be completed, and the balanced budget signed by the end of June when the fiscal year ends.

Oakland Post

Posts by Oakland Post

Up Next

Backlash for Snoop Dogg’s Performance is Getting Louder

Don't Miss

New Property Insurance Bill Aims to Help L.A. Fire Victims; Stabilize Market

Oakland Post

Click to comment

Activism

Oakland Post: Week of February 25 – March 3, 2026

The printed Weekly Edition of the Oakland Post: Week of – February 25 – March 3, 2026

Published

2 days ago

March 1, 2026

Oakland Post

To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.

Oakland Post

Posts by Oakland Post

Activism

Chase Oakland Community Center Hosts Alley-Oop Accelerator Building Community and Opportunity for Bay Area Entrepreneurs

Over the past three years, the Alley-Oop Accelerator has helped more than 20 Bay Area businesses grow, connect, and gain meaningful exposure. The program combines hands-on training, mentorship, and community-building to help participants navigate the legal, financial, and marketing challenges of small business ownership.

Published

1 week ago

February 21, 2026

Oakland Post

Bay Area entrepreneurs attend the Alley-Oop Accelerator, a small business incubation program at Chase Oakland Community Center. Photo by Carla Thomas.

By Carla Thomas

The Golden State Warriors and Chase bank hosted the third annual Alley-Oop Accelerator this month, an empowering eight-week program designed to help Bay Area entrepreneurs bring their visions for business to life.

The initiative kicked off on Feb. 12 at Chase’s Oakland Community Center on Broadway Street, welcoming 15 small business owners who joined a growing network of local innovators working to strengthen the region’s entrepreneurial ecosystem.

At its core, the accelerator is designed to create an ecosystem of collaboration, where local entrepreneurs can learn from one another while accessing the resources of a global financial institution.

“This is our third year in a row working with the Golden State Warriors on the Alley-Oop Accelerator,” said Jaime Garcia, executive director of Chase’s Coaching for Impact team for the West Division. “We’ve already had 20-plus businesses graduate from the program, and we have 15 enrolled this year. The biggest thing about the program is really the community that’s built amongst the business owners — plus the exposure they’re able to get through Chase and the Golden State Warriors.”

According to Garcia, several graduates have gone on to receive vendor contracts with the Warriors and have gained broader recognition through collaborations with JPMorgan Chase.

“A lot of what Chase is trying to do,” Garcia added, “is bring businesses together because what they’ve asked for is an ecosystem, a network where they can connect, grow, and thrive organically.”

This year’s Alley-Oop Accelerator reflects that vision through its comprehensive curriculum and emphasis on practical learning. Participants explore the full spectrum of business essentials including financial management, marketing strategy, and legal compliance, while also preparing for real-world experiences such as pop-up market events.

Each entrepreneur benefits from one-on-one mentoring sessions through Chase’s Coaching for Impact program, which provides complimentary, personalized business consulting.

Garcia described the impact this hands-on approach has had on local small business owners. He recalled one candlemaker, who, after participating in the program, was invited to provide candles as gifts at Chase events.

“We were able to help give that business exposure,” he explained. “But then our team also worked with them on how to access capital to buy inventory and manage operations once those orders started coming in. It’s about preparation. When a hiccup happens, are you ready to handle it?”

The Coaching for Impact initiative, which launched in 2020 in just four cities, has since expanded to 46 nationwide.

“Every business is different,” Garcia said. “That’s why personal coaching matters so much. It’s life-changing.”

Participants in the 2026 program will each receive a $2,500 stipend, funding that Garcia said can make an outsized difference. “It’s amazing what some people can do with just $2,500,” he noted. “It sounds small, but it goes a long way when you have a plan for how to use it.”

For Chase and the Warriors, the Alley-Oop Accelerator represents more than an educational initiative, it’s a pathway to empowerment and economic inclusion. The program continues to foster lasting relationships among the entrepreneurs who, as Garcia put it, “build each other up” through shared growth and opportunity.

“Starting a business is never easy, but with the right support, it becomes possible, and even exhilarating,” said Oscar Lopez, the senior business consultant for Chase in Oakland.