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September 16, 2026 - California's borrowable cash balance reached over $100 billion in 2024—an extraordinary level by any historical measure. This report explains why the balance grew so dramatically, what benefits this balance has conferred, as well as the risks that arise from using it in novel ways.
August 26, 2026 - Each year, our office publishes the California Spending Plan to summarize the annual state budget. In this publication we provide an overview of the 2026‑27 budget package, give a brief description of how the budget process unfolded, and then highlight the major features of the budget approved by the Legislature and signed by the Governor.
August 26, 2026 - Each year, our office publishes California Spending Plan, a series of publications that summarize the annual state budget. The flagship report of this series, Overview of the Spending Plan, is presented here along with short online posts that focus on major areas and features of the 2026-27 budget package. As the material becomes available, we will add them to the series page.
June 24, 2026 - Assembly Budget Committee No. 7 on Accountability and Oversight
June 24, 2026 - Senate Committee on Budget and Fiscal Review
June 15, 2026 - Presented to: Senate Committee on Budget and Fiscal Review
May 18, 2026 - In this report, we provide a summary of and comments on this revised budget, focusing on the overall condition of the state General Fund.
Update (5/21/26): Upon further review and receipt of additional information from the administration, we estimate the amount of discretionary spending in the May Revision is $1.1 billion, rather than $1.3 billion.
May 18, 2026 - As our office publishes responses to the Governor's 2026-27 May Revision, we will add them to this index page.
April 28, 2026 - Since 2019-20, General Fund spending has grown just over $100 billion—from $146 billion in 2019-20 to $248 billion under the Governor’s budget proposal for 2026-27. This report assesses the causes and fiscal implications of this growth in order to inform decision-making going forward.
February 20, 2026 - Recent stock market performance continues to boost income tax collections. In our Fiscal Outlook, we strongly advised the Legislature to treat near-term strength in tax collections as temporary because we expect these gains to reverse. Further, the state faces significant structural deficits in the future. Accordingly, any windfall received from this revenue uptick represents an opportunity for the Legislature to prepare for future fiscal challenges.
February 18, 2026 - Senate Committee on Budget and Fiscal Review
January 23, 2026 - In this installment of Fiscal Perspectives, the Legislative Analyst describes how the LAO’s revenue estimates represent a hedge against downside stock market risk and why—despite current cash trends—caution matters given the state’s large, ongoing structural deficit.
January 21, 2026 - Senate Budget and Fiscal Review
January 20, 2026 - Assembly Committee on Budget
January 12, 2026 - On January 9, 2026, Governor Newsom’s administration presented its proposed state budget to the California Legislature. In this report, we provide a high-level summary and our initial analysis of the Governor’s budget based on our preliminary review (as of January 10).