May 2025

Proposition 98 Overview

Comparing LAO and May Revision Estimates of the Proposition 98 Guarantee

Dollars in Millions

  2024-25 2025-26 2026-27 2027-28 2028-29
May Revision          
General Fund $86,620 $80,747 $82,545 $87,351 $92,689
Local property tax 32,317 33,821 35,556 37,450 38,948
   Totals $118,938 $114,568 $118,100 $124,801 $131,637
LAO May Outlook          
General Fund $86,524 $81,634 $85,179 $91,466 $96,131
Local property tax 32,699 34,243 35,309 36,586 38,464
   Totals $119,223 $115,876 $120,488 $128,052 $134,595
Difference (LAO May Minus May Revision)        
General Fund -$97 $886 $2,635 $4,116 $3,442
Local property tax 382 422 -247 -864 -484
   Totals $285 $1,308 $2,388 $3,251 $2,958