Budget Cycle: The time period needed to made a state financial plan and enacts that part of it applying to the budget year. The Significant events in the cycle comprise:
• The preparation of Governor's proposed budget (generally prepared between July 1st and January 10)
• Compliance of the Governor's Budget and Budget Bill to the Legislature (by January 10)
• Submission to the Legislature of planned adjustments to the Governor’s Budget
(i) April 1 - adjustments except Capital Outlay and May Revision
(ii) May 1 - Capital expend appropriation adjustments
(iii) May 14 - May Revision adjustments for modifications in General Fund revenues, essential expenditure reductions to reflect the updated revenue, and funding for Proposition 98, caseload, and population.
• Revision and Review of the Governor's Budget by the Legislature
• Return of the revised budget to the Governor by June 15, as requisite by the California Constitution, for signature after any line-item vetoes
• Sign in the budget by the Governor.