Los Angeles ( CNN ) -- California Gov . Jerry Brown announced Tuesday almost $ 1 billion in midyear budget cuts as a result of insufficient state growth . The so-called `` trigger cuts '' will result in reduced spending for universities , schools , prosecutions , and in-home care for the elderly and disabled , Brown said . `` They 're not good , '' Brown said of the cuts . `` This is not the way we like to run California , but we have to live within our means . '' The latest round of cuts is on top of $ 16 billion in reduced spending that the state enacted earlier this year , Brown said . The $ 1 billion figure is better than an earlier estimate that as much as $ 2.4 billion in trigger cuts would be needed by the end of this year , Brown said . California 's economy -- the eighth largest in the world -- grew by about $ 100 billion this year , allowing the state 's cuts to be less than the $ 2.4 billion figure , Brown said . `` The good new is the economy of California is recovering , '' the governor told reporters in Sacramento . `` But it 's not enough to close the California deficit that has been built up for years . '' In June , California lawmakers passed a budget bill that reduced the state 's deficit from $ 26 billion to $ 5 billion , officials said . California 's general fund spending this year amounts to $ 85.9 billion , down 6.1 % from the prior year . `` General fund spending as a share of the economy is now at its lowest level since 1972-73 , '' a summary to the California budget says . Next November , California voters will go to the polls to consider taxes that would provide $ 7 billion in additional revenue , Brown said . `` We need a real serious public discussion between now and November on whether or not people want to spend more , '' he said . `` All I can say is you ca n't provide money that you do n't have . That 's the point here : You either cut or you tax , '' Brown said . `` As the governor of California , I 'm sensitive to what these cutbacks do to real people . ''
NEW : Next November , California voters will consider taxes raising $ 7 billion in revenue . The almost $ 1 billion in cuts will hurt universities , schools , the elderly and the disabled . Comment: California earlier this year slashed spending by $ 16 billion to deal with deficit .