A History of California’s Budget Reserves

Mar 24, 2017 - State revenues, particularly those from the personal income tax (PIT), are volatile . In particular, the PIT tax base includes capital gains (gains on the sale of stocks, bonds, certain homes, and other assets), which vary considerably from year to year.
https://lao.ca.gov/Publications/Report/3630

The 2017-18 Budget: Alternatives to the Governor’s Proposition 2 Proposals

Feb 23, 2017 - In our January 2017 Overview of the Governor’s Budget , we noted that the administration’s estimate of 2017‑18 revenues associated with the personal income tax seemed too low. In particular, the administration’s estimates of revenues from capital gains in 2017‑18 seem inconsistent with their own economic forecasts.
https://lao.ca.gov/Publications/Report/3574

Federal Spending in California

Jan 18, 2017 - For example, the refundable portion of the EITC is estimated on a tax year basis (which runs from January 1st to December 31st) and defense contracts on a federal fiscal year basis (October 1st to September 30th) .
https://lao.ca.gov/Publications/Report/3531/1

Federal Spending in California

Jan 18, 2017 - To do this, the Tax Foundation increases its estimate of tax revenues from each state in proportion to the total federal deficit. In effect, this inflates the estimated amount Californians “pay” in taxes.
https://lao.ca.gov/Publications/Report/3531/2

Federal Spending in California

Jan 18, 2017 - In this post, estimates of total federal expenditures by county include: Social Security, Medicare, Medicaid, federal civilian wages, military wages, government contracts, veterans ’ benefits, Supplementary Security Income (SSI), the refundable portion of the Earned Income Tax Credit (EITC), and Supplemental Nutrition Assistance Program (SNAP) benefits.
https://lao.ca.gov/Publications/Report/3531/6

Federal Spending in California

Jan 18, 2017 - Most of the difference is attributable to differences in our estimates of grants spending and our inclusion of significant refundable tax credits as components of federal sp ending. While our estimate is not comparable with multi-state estimates, our approach does allow us to display spending amounts at a more detailed level and with more precision and detail than others.
https://lao.ca.gov/Publications/Report/3531/7

Federal Spending in California

Jan 18, 2017 - Finally, this category includes the refundable portion of two major tax credits: the Earned Income Tax Credit (EITC), which provides a refundable tax credit to low- to moderate-income working individuals and couples; and the Child Tax Credit, which provides refundable tax credits to eligible low-income families with children.
https://lao.ca.gov/Publications/Report/3531/3

The 2017-18 Budget: Overview of the Governor's Budget

Jan 13, 2017 - This publication is our office’s initial response to the Governor's 2017-18 budget proposal. The administration's estimates anticipate slow growth in the personal income tax (PIT), the state’s dominant revenue source. The Governor’s estimate of PIT growth in 2017-18 is probably too low.
https://lao.ca.gov/Publications/Report/3528

The 2017-18 Budget: Overview of the Governor's Budget [Publication Details]

Jan 13, 2017 - The administration's estimates anticipate slow growth in the personal income tax (PIT), the state’s dominant revenue source. The Governor’s estimate of PIT growth in 2017-18 is probably too low. As a result, by the May Revision, the state could have more General Fund revenue than the Governor now projects, but much of that revenue would be required to go to schools and Proposition 2 reserves and debt payments.
https://lao.ca.gov/Publications/Detail/3528

Cal Facts: 2016

Dec 5, 2016 - About 30  percent of school funding comes from local sources —primarily property taxes. Slightly less than 10  percent of school funding comes from the federal government. This funding supports specific activities —primarily special services for low-income students and students with disabilities.
https://lao.ca.gov/Publications/Report/3511/2