On June 24, 2025, the Budget Bill Junior (AB/SB 102) and various trailer bill (TBL) omnibuses reflecting the vast majority of the Administration and Legislature’s agreement for the three­ party budget deal went into print. We note, as of distributing this update, an official announcement on a final budget deal has yet to be released by Legislative leadership or the Governor’s Office. 

We understand that there continue to be negotiations around statutory provisions related to housing, to be reflected in a subsequent trailer bill (AB/SB 131) expected to be in print later this week. We have also learned there is likely to be an additional human services trailer bill in print later this week, which would likely be the vehicle for several key CWDA trailer bill priorities, to the extent they are adopted in the final budget agreement. As such, we note this budget update is anticipated to change and we will issue an amended update once additional details are released.  

Update 6/27: The second human services omnibus (SB 119) was published on the morning of Friday, June 27. While an official announcement has yet to be released on a final budget deal as of this memo, it is our understanding that a deal has essentially been reached assuming that the Legislature votes to pass the aforementioned housing trailer bill (SB 131) on Monday, which contains housing infrastructure provisions at the core of tense negotiations this week. Of note, AB/SB 102 includes a poison pill that makes the budget bill inoperative and repealed if SB 131 is not signed into law by June 30 at 11:59 p.m. This amended memo reflects updates since our initial memo on June 24.