California Today: Inside California’s new budget of nearly $300 billion

The budget includes $12 million for reparations measures for the state's Black residents.

View in browser|nytimes.com July 1, 2024 By Soumya Karlamangla It's Monday. Gov. Gavin Newsom has signed a new state budget of nearly $300 billion into law. And the Los Angeles homeless count declined for the first time in six years. Gov. Gavin Newsom signed off on a budget for California that will close a state budget deficit estimated at $46.8 billion over the weekend. Jim Wilson/The New York Times Over the weekend, Gov. Gavin Newsom approved a budget for California that will close a state deficit estimated at $46.8 billion. The $297.9 billion budget, for the fiscal year that begins today, covers that shortfall by cutting state spending, drawing from reserves and suspending some tax breaks for businesses, among other measures. "This is a responsible budget that prepares for the future while investing in foundational programs that benefit millions of Californians every day," Newsom said in a statement on Saturday. My colleague Shawn Hubler explains exactly which jobs and programs were trimmed to balance the budget, as well as why California's finances can fluctuate so widely from year to year. Perhaps you remember that two years ago, the state had a record surplus. Despite the overall tightness of the state's finances, this year's budget includes a new line item: funds for reparations for Black residents. The state created a task force in 2020 to look into possible reparations for its 2.5 million Black residents. Though California joined the union as a free state, Black people were still enslaved here, and experts say that for generations, discriminatory housing, voting and criminal justice policies made it harder for Black Californians to accumulate wealth. Last year, the task force recommended more than 100 policy changes in education, housing and other areas; a formal apology from the state to Black residents; and, most notably, billions of dollars in direct cash payments. The new state budget includes $12 million for reparations measures, but not for cash payments; it is meant to cover the cost of legislative changes now being considered to help Black Californians. They include giving people from historically redlined communities priority for certain educational grants; establishing a fund to help reduce violence in predominantly Black communities; and a formal apology from the state, memorialized in a plaque at the State Capitol, for the harm done by racism. Assemblywoman Lori D. Wilson, a Democrat who chairs the Legislative Black Caucus and represents a district northeast of San Francisco, said on Saturday that the state's financial straits made the budgeting of funds for reparations more poignant. "I thought it was a win," Wilson told my colleague Alan Blinder. "To see it in the budget means that we were listened to." Read more from Alan on reparations funds being set aside in the state budget. We hope you've enjoyed this newsletter, which is made possible through subscriber support. Subscribe to The New York Times. Encampments are a challenge for officials in Los Angeles, which is facing a severe shortage of housing and temporary shelter. Mark Abramson for The New York Times The rest of the news Fewer people were homeless in Los Angeles in January 2024 than in January 2023, the first year-over-year decline in six years. Southern California The Los Angeles Lakers selected Bronny James, the son of the 39-year-old superstar LeBron James, in this year's N.B.A. draft, opening the possibility that a father and son could play in a game together for the first time in the league's history. Central California Wildfires in Fresno County have burned more than 10,000 acres in the last week. Northern California PG&E warned that severe fire risk may lead to power cutoffs in eight Northern California counties where extreme heat is expected this week, The Sacramento Bee reports. Orlando Cepeda, a Hall of Fame outfielder who joined the Giants in their inaugural year in San Francisco, has died at 86. A man who escaped from a Solano County prison camp in 2011 was arrested on Friday in New York City, The Los Angeles Times reports. WHAT WE'RE EATING David Malosh for The New York Times. Food Stylist: Simon Andrews. Marinated Cherry Tomatoes on Toast By David Tanis 10 minutes, plus 30 minutes' marinating Makes 6 servings Sandy Feet Initiative And before you go, some good news The campers at the Sandy Feet Beach camp in San Clemente are all from families that also have children with special needs at home, The LAist reports. The campers have daily chats centered on how to go about life with a sibling who has special needs, but they also have fun experiences at the camp. Mo Langley, who founded the camp in 2017, used to volunteer at surf camps for people with disabilities. At Sandy Feet Beach, the idea is to help the children who attend "feel like they're part of a community," Langley said. About 500 children have attended over the years. Thanks for reading. I'll be back tomorrow. — Soumya P.S. Here's today's Mini Crossword. Briana Scalia and Luke Caramanico contributed to California Today. You can reach the team at CAtoday@nytimes.com. Sign up here to get this newsletter in your inbox. Need help? Review our newsletter help page or contact us for assistance. You received this email because you signed up for California Today from The New York Times. To stop receiving California Today, unsubscribe. To opt out of other promotional emails from The Times, including those regarding The Athletic, manage your email settings. To opt out of updates and offers sent from The Athletic, submit a request. 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July 01, 2024   |   Read Online Roaring Kitty finds a new stock In partnership with Good day, 360! Here are our top investing ideas today. These setups look primed! And don't forget to check out our 4th of July specials. Be the best prepared trader on the Street! FOCUS LIST🔎 CSLR - Up over 80% in the pre-market after announcing it has eliminated $67.6 Million of Private Equity Debt BW - Up over 10% in pre after selling its Denmark based renewable parts and services subsidiary for $87 million cash CHWY - Up over 15% in pre after Roaring Kitty a.k.a Keith Gill disclosed a 6.6% passive stake in the company 40% off each of the products SEEN HERE including ALL of our top services. And right now All Access includes Jason's on FIRE Roadmap, valued at $2,999 yearly, at no added cost. See ALL the deals here!  HOTLIST🔥 CSLR - Up over 80% in the pre-market after announcing it has eliminated $67.6 Million of Private Equity Debt Complete Solaria Inc. (CSLR) provides custom solar solutions in the United States. The company offers solar systems to homeowners and small to medium-sized commercial customers. In the pre-market this morning the company announced that it had  eliminated $67.6 Million of Private Equity Debt.  CSLR has today been released from its obligations under that debt by its two private equity (PE) providers, Carlyle and Kline Hill Partners. On May 15, 2024, the Company announced that it had signed an agreement with Carlyle to set aside all of its financial claims in return for $10 million in cash. Today, we announce an equivalent deal with Kline Hill Partners for $8 million. On June 17, 2024, the Company announced that T.J. Rodgers had funded the $10 million payment to Carlyle by purchasing a convertible debenture security from the Company through Cantor Fitzgerald & Company. Today, we announce that the investment by T.J. Rodgers has been increased from $10 million to $18 million to fund both private equity settlement deals. The deal is enough to pay off the private equity partners and once again to provide $18 million in new working capital. CSLR stock traded up over 80% in the pre-market in reaction to the news. The first target for bulls is the pre-market high at $2.14. Beyond that, $2.20, $2.29, $2.60, $2.90 and $3 come into play. Below $2.14, targets to the downside are $1.81, $1.60, $1.50, $1.38, $1.20 and then a gap fill at $1.12. BW - Up over 10% in pre after selling its Denmark based renewable parts and services subsidiary for $87 million cash  Babcock & Wilcox Enterprises, Inc. (BW), together with its subsidiaries, provides energy and emissions control solutions to industrial, electrical utility, municipal, and other customers worldwide. In the pre-market this morning, the company announced that it had sold  its Denmark based renewable parts and services subsidiary for $87 million cash. The sale aligns with B&W's comprehensive business strategy to reduce long-term debt and optimize capital structure The company reiterates its Full Year 2024 Adjusted EBITDA target range of $105 million to $115 million, excluding BrightLoop™ and ClimateBright™ expenses. The stock traded up over 10% in the pre-market in reaction to the news. The first target for bulls is the pre-market high at $1.70. Beyond that, $1.90, $2 and $2.40 come into play. Below $1.70, targets to the downside are $1.60, $1.55, $1.50 and then a gap fill at $1.45. *sponsored by Surmount AI Surmount democratizes investing, making advanced strategies accessible to everyone. Craft, analyze, execute strategies effortlessly. Total control, precision, and confidence await. Surmount provides the tools and insights you need to succeed. Start investing through data! CHWY - Up over 15% in pre after Roaring Kitty a.k.a Keith Gill disclosed a 6.6% passive stake in the company Chewy Inc. (CHWY) together with its subsidiaries, engages in the pure play e-commerce business in the United States. It provides pet food and treats, pet supplies and pet medications, and other pet-health products, as well as pet services. In the pre-market this morning, Roaring Kitty a.k.a Keith Gill disclosed a 6.6% passive stake in the company. The disclosure with the US Securities and Exchange Commission shows Gill owns roughly 9 million Class A shares, worth about $245 million based on Friday's closing price. "Roaring Kitty," shot to fame after initiating the famous GME short squeeze in 2021 and earlier this year. CHWY is up over 15% in reaction to the new stake by Roaring Kitty in what is apparently his first big investment besides GME. The $31 area has acted as support in the pre-market and will be an important level to watch. Above it, targets to the upside are $33, $34 and then the pre-market high at $35.25. Beyond that, $39.10, $40 and $42 come into play. Below $31, targets to the downside are $30, $29.50, $28 and then a gap fill at $27.24. MARKET NEWS 📰 P.S. Make sure you text "RAGE" to (888) 404-5747 to get all of our latest HOT STOCK ideas! Questions or concerns about our products? Email Support@360wallstreet.io © Copyright 2022, RagingBull DISCLAIMER To more fully understand any Ragingbull.com, LLC ("RagingBull") subscription, website, application or other service ("Services"), please review our full disclaimer located at https://ragingbull.com/disclaimer FOR EDUCATIONAL AND INFORMATION PURPOSES ONLY; NOT INVESTMENT ADVICE. Any RagingBull Service offered is for educational and informational purposes only and should NOT be construed as a securities-related offer or solicitation, or be relied upon as personalized investment advice. 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Prescription Drugs News Update

Offices of the United States Attorneys   You are subscribed to Prescription Drugs news updates. This information has recently been updated, and is now available. Former Baltimore Police Officer Sentenced To Two And A Half Years For Illegal Drug And Firearms Charges 07/01/2024 08:00 AM EDT Baltimore, Maryland – On June 28, 2024, U.S. District Court Judge Ellen L. Hollander sentenced Steven Umberto Angelini, of Baltimore, Maryland, to two and a half years in federal prison and other conditions, including drug treatment, for conspiracy to distribute cocaine and oxycodone and possession of a firearm in furtherance of a drug trafficking crime.  You have received this e-mail because you have asked to be notified of changes to the Offices of the United States Attorneys website. GovDelivery is providing this service on behalf of the Executive Office for United States Attorneys, Department of Justice, 950 Pennsylvania Ave., NW · Washington, DC 20530 · 202-514-2000 and may not use your subscription information for any other purposes. Manage your Subscriptions | Department of Justice Privacy Policy  | GovDelivery Privacy Policy Follow the Offices of the United States Attorneys on Twitter: @USAttorneys

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