The 2023-24 Budget: Multiyear Assessment

Feb 15, 2023 - Governor ’s Budget Likely Unaffordable in Future Years. Under the administration ’s projections, the state faces operating deficits of $9  billion in 2024 ‑25, $9  billion in 2025 ‑26, and $4  billion in 2026 ‑27.
https://lao.ca.gov/Publications/Report/4687

With New Deficits Looming, California Will Weigh its Options for Allocating a Large Revenue Windfall

Dec 1, 2020 - Looking ahead, however, we also identify the emergence of a new ongoing deficit beginning in the budget year (2021‑22). This fiscal gap persists and widens through the remainder of our outlook period (2024‑25).
https://lao.ca.gov/Publications/Report/4305

The 2022-23 California Spending Plan: Other Provisions

Sep 27, 2022 - Language Stating Intent to Provide Additional Funding for Middle-Mile Network Costs in 2023-24 and 2024-25. Budget-related legislation — Chapter 48 of 2022 (SB 189, Committee on Budget and Fiscal Review) —also affirms the Legislature’s intent to provide $300 million General Fund in 2023-24 and $250 million General Fund in 2024-25 for additional costs to develop, construct, and acquire the state’s middle-mile broadband network.
https://lao.ca.gov/Publications/Report/4626

The 2022-23 Budget: California’s Fiscal Outlook

Nov 17, 2021 - Consequently, actuaries now project that the state ’s contribution rate could phase down over the next few fiscal years, reaching around 2 percent beginning in 2024 ‑25. If this occurs, the state ’s required contribution rate would be around 8 percentage points lower relative to our forecast by 2024 ‑25, meaning the state would owe several billions of dollars less to CalSTRS over the forecast period.
https://lao.ca.gov/Publications/Report/4472

The 2018-19 May Revision: LAO Economic Outlook

May 12, 2018 - Both our outlook and the Department of Finance ’s new economic forecast assume moderate growth over the next year or so. One key difference between our office and the administration is that our economic scenario assumes notably higher wage and salary growth in 2018 and 2019.
https://lao.ca.gov/Publications/Report/3829

The 2022-23 Budget: Multiyear Budget Outlook

May 24, 2022 - Under our estimates of revenue and spending in the out ‑years, the state would have a very narrow operating deficit in 2023 ‑24, a  small operating surplus in 2024 ‑25, and a larger operating deficit in 2025 ‑26.
https://lao.ca.gov/Publications/Report/4602

Despite Fiscal Forecasting Uncertainties, Multiyear Budget Planning Essential [Publication Details]

May 27, 2021 - This manifests in operating deficits that persist through the outlook horizon (2024‑25). Adopting a budget with this combination of assumptions is inadvisable in our view. One reason is that—given the state’s balanced-budget requirement—doing so requires assuming that the multiyear budget projections are wrong.
https://lao.ca.gov/Publications/Detail/4443

The 2021-22 Budget: Overview of the Spending Plan (Final Version)

Oct 27, 2021 - By 2024 ‑25, the annual cost of these expansions is expected to reach about $1. 9 b illion General Fund ($2. 7 b illion total  funds). Behavioral Health. The spending plan funds two major investments in behavioral health.
https://lao.ca.gov/Publications/Report/4448

The 2021-22 Budget: Initial Comments on the Governor’s May Revision

May 17, 2021 - The funds will be transferred soon, but the state has until December 31, 2024 to use the funds. The U.S. Department of the Treasury recently released detailed guidance with more detail on how these funds can be used.
https://lao.ca.gov/Publications/Report/4432

The 2022-23 Budget: Overview of Proposition 98 Proposals [Publication Details]

Jan 27, 2022 - This analysis describes the overall structure of the Governor's plan for school and community college funding, including the major spending proposals and underlying estimates of the Proposition 98 minimum guarantee.
https://lao.ca.gov/Publications/Detail/4502