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Leaders of the California State Legislature and Gov. Gavin Newsom announced a budget deal Wednesday that restores $299 million in funding to the California State University System. The funding was cut from CSU's 2020-21 budget, which takes effect on July 1, and was the result of the recession and a state budget deficit.

“The bold plan to fully restore the previous cut to the California State University budget is a tremendous development for the university and our students and their families throughout the Golden State," California State University Chancellor Joseph I. Castro said in a written statement. "Investment in the CSU leads to greater levels of opportunity and achievement for our diverse students who will earn high-quality degrees and strengthen California’s economy. We are grateful that Governor Newsom, Senate President pro Tempore Atkins and Assembly Speaker Rendon have prioritized the university during this consequential time.”