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227 Publications Found
February 20, 2002 - The U.S. and California economies are nearly one year into a recession that was initially caused by such factors as sharp declines in spending by businesses on capital goods, and then aggravated by the September 11 terrorist attacks. The downturn has been mild so far in terms of employment, although more severe in terms of income losses. Our forecast is that the recession will conclude in the next couple of months and that a sustained expansion will begin before mid-year. While employment will recoup its losses by the end of 2002, the decline in income related to stock options will be longer lasting. Our outlook is predicated on (1) a rebound in high-tech spending in the second half of the year and (2) the absence of significant terrorism-related disruptions to the national or state economies.
February 20, 2002 - The state is facing a major budget shortfall caused largely by an unprecedented decline in tax receipts. Specifically, General Fund revenues are projected to fall by over 14 percent in 2001-02, just two years after the state experienced a more than 23 percent increase. In addition, basic revenue volatility has increased in recent years, giving the revenue forecast greater uncertainty.
February 20, 2002 - The Governor's budget proposes total state spending in 2002-03 of $97.9 billion, including spending from both the state's General Fund and its special funds (see Figure 1). Total budget-year spending is slightly less than estimated current-year spending—by $402 million (0.4 percent).
February 21, 2001 - The most pressing challenge currently facing the state relates to its electricity crisis, especially in light of the multiplicity of ways that energy affects the economy and ultimately the state's finances.
February 21, 2001 - Our "bottom line" budget estimates are similar to the administration's. Due to uncertainty related to the state's electricity crisis and to the very unsettled national and state economic environment the Legislature should withhold consideration of the Governor's $2.3 billion of one-time proposals outside of the energy area until May.
February 21, 2001 - Our "bottom line" budget estimates are similar to the administration's. Due to uncertainty related to the state's electricity crisis and to the very unsettled national and state economic environment the Legislature should withhold consideration of the Governor's $2.3 billion of one-time proposals outside of the energy area until May.
February 17, 2000 - Budget Forecast for Special Funds Revenues 2000-01
February 17, 2000 - LAO's General Fund Revenue Outlook 2000-01
February 17, 2000 - Proposed Spending by Program Area 2000-01
February 17, 2000 - State Spending--An Historical Perspective 2000-01