February 27, 2024 - Presented to: Assembly Budget Subcommittee No. 3 on Education Finance
February 29, 2024 - Presented to: Senate Budget and Fiscal Review Subcommittee No. 1 on Education Finance
May 17, 2024 - On May 14, 2024, Governor Newsom presented a revised state budget proposal to the Legislature. This annual proposed revised budget is referred to as the May Revision. In this brief, we provide a summary of and comments on the Governor’s revised budget, focusing on the overall condition and structure of the state General Fund—the budget’s main operating account.
September 3, 2019 - Similar to the state’s budget situation, the state’s cash situation is now very positive. However, this has not always been—nor will it always be—the case. This report includes a history of the state's cash management situation, in particular emphasizing why the state’s cash position has improved so much. This report goes on to describe some recent and novel actions to borrow from the state's cash resources and offers policymakers a framework to evaluate any future borrowing of this nature, should a proposal to do so arise. Given that the state's cash position will inevitably change in the future, we suggest the Legislature be cautious about approving additional proposals to make loans from the state's cash resources. Assessing a proposed loan using the criteria in this report may help determine whether its benefits exceed its costs.
May 7, 2009 -
In part because state revenue collections have been weaker than expected since passage of the February budget package, major cash flow difficulties loom for California in the summer and fall of 2009. Without significant budget-balancing and cash management actions by the Legislature or unprecedented borrowing from the short-term credit markets, the state will not be able to pay many of its bills on time for much of 2009-10. Returning the budget to balance will be important to resolving the state's cash flow challenges. We recommend that the Legislature act quickly to address these challenges—by late June or early July at the latest. We also note that the state should be cautious about accepting additional federal assistance for the state's cash flow problems, especially given the strings that may be attached to such aid. (Five-minute video summary)
See also: May 22, 2009, Conference Committee Update: California's Cash Flow Crisis
May 17, 2020 - On May 14, 2020, Governor Newsom presented a revised state budget proposal to the Legislature. In this post, we provide an overview of the overall budget condition under the May Revision estimates and proposals; the major actions the Governor took to close an estimated $54 billion budget gap; and give our initial comments on this budget package.
August 31, 2020 - Provides an update on California’s cash management situation, including recent developments in spring 2020 and the outlook for 2020-21.
September 6, 2024 - Each year, our office publishes the California Spending Plan to summarize the annual state budget. This publication provides an overview of the 2024‑25 Budget Act, gives a brief description of how the budget process unfolded, and then highlights major features of the budget approved by the Legislature and signed by the Governor. All figures in this publication reflect actions taken through early July 2024, but we have updated the narrative to reflect actions taken later in the legislative session.
May 16, 2024 - Proposition 98 and K-12 Funding in the May Revision
January 14, 2009 - Balancing the budget—by increasing state revenues and decreasing expenditures—is the most important way that the Legislature can shorten the duration and severity of the state’s cash flow crisis. Absent prompt action to begin addressing the state’s colossal budget gap and other measures discussed in this report specifically to help the state’s cash flows, state operations and payments will have to be delayed more and more over time. In the event that the Legislature and the Governor are unable to reach agreement to balance the budget by the summer of 2009, major categories of services and payments funded by the state may grind to a halt. This could seriously erode the confidence of the public—and investors—in our state government. To avoid this, it is urgent that the Legislature and the Governor act immediately to address the budgetary and cash crises that have put the state on the edge of fiscal disaster.
February 18, 2022 - This brief analyzes the Governor’s budget proposals related to student financial aid at the California Student Aid Commission, the Scholarshare Investment Board, and the Department of Financial Protection and Innovation.
May 17, 2019 - This report presents our office’s independent assessment of the condition of the state General Fund budget through 2022-23 assuming the economy continues to grow and all of the Governor’s May Revision spending proposals are adopted.