Ann Hollingshead
Table of Contents
Appendix 1: General Fund Discretionary Spending Proposals
Appendix 2: General Fund Spending Solutions
Appendix 3: May Multiyear Revenue Outlook
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
The 2026-27 Budget
Initial Comments on the Governor’s May Revision
Appendix 3: May Multiyear Revenue Outlook
Appendix 3, Figure 1
LAO May Multiyear Revenue Outlook
(In Billions)
|
2024‑25 |
2025‑26 |
2026‑27 |
2027‑28 |
2028‑29 |
2029‑30 |
|
|
Personal Income Tax |
$131.3 |
$152.4 |
$146.7 |
$141.1 |
$149.6 |
$158.5 |
|
Corporation Tax |
41.8 |
45.3 |
45.1 |
45.7 |
47.4 |
49.6 |
|
Sales Tax |
33.6 |
34.3 |
35.3 |
$36.9 |
38.2 |
$39.3 |
|
Total “Big Three” Revenue |
$206.7 |
$232.0 |
$227.2 |
$223.7 |
$235.2 |
$247.5 |
|
Other Revenues |
$13.4 |
$11.8 |
$10.6 |
$10.2 |
$9.9 |
$10.1 |
|
Total Revenues |
$220.0 |
$243.8 |
$237.8 |
$233.9 |
$245.1 |
$257.6 |
|
Transfers (Excluding BSA) |
$9.0 |
$1.8 |
‑$10.4 |
$10.4 |
‑$1.8 |
‑$0.1 |
|
Total Revenues and Transfers (Excluding BSA) |
$229.0 |
$245.7 |
$227.4 |
$244.4 |
$243.3 |
$257.6 |
|
BSA = Budget Stabilization Account. |
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