CA SB1426

Requires the Governor's budget submission to include itemized statements, performance measurement standards, recommended expenditures, revenue projections (distinguishing one-time revenues), and a five-year capital infrastructure and strategic growth plan.

Mandates three-year revenue and expenditure projections beyond the budget year and succeeding fiscal year, with budget-related plans and proposals for those years.

Requires the Governor to recommend expenditure reductions or additional revenue sources when recommended expenditures exceed estimated revenues, including an estimate of long-term economic impact.

Requires any proposal to create/expand state programs or reduce state taxes to be accompanied by an offsetting statement identifying equal or greater program reductions or additional revenue sources.

Requires the Director of Finance to provide updated revenue and expenditure projections to the Legislature by October 15 each year for the current and ensuing fiscal years.