California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - After the dot-com bust and the Great Recession, it took four and five years, respectively, for revenues to recover. Incorporating revenue risk into the budget now, therefore, reflects prudence, not pessimism.
https://lao.ca.gov/Publications/Report/5104

Managing California’s Cash

Sep 3, 2019 - After a period of relative calm in the mid ‑ and late ‑1990s, California faced another series of years with acute budget problems following the dot ‑com bust and ensuing recession. Although the dot ‑com bust was relatively mild in economic terms, it hit the California budget —which is particularly reliant on the Bay Area ’s technology sector —especially hard.
https://lao.ca.gov/Publications/Report/4092

Building Reserves to Prepare for a Recession

Mar 7, 2018 - Figure  3 shows estimates of tax revenue losses associated with each of the last three recessions: the recession of the early 1990s, the dot ‑com bust and ensuing recession in the early 2000s, and the financial crisis and Great Recession beginning in 2008.
https://lao.ca.gov/Publications/Report/3769

Whether or Not to Tap Reserves to Solve Estimated Budget Problem Emerges as Key Fiscal Decision Facing California’s Legislature

Apr 19, 2023 - Other downturns, such as the 2001 so-called dot-com recession, had severe fiscal implications while inflicting somewhat milder economic damage. The 2008 Great Recession had brutal effects on both the state ’s economy and budget.
https://lao.ca.gov/Publications/Report/4762

The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - For California, the dot ‑com era —when stocks rose and then fell precipitously in response to widespread adoption of the internet —offers the most salient example. The internet has proven to be a transformative technology and, yet, the stock market ’s initial reaction was clearly overly exuberant.
https://lao.ca.gov/Publications/Report/5091

LAO Assessment of the 2008 Special Session Proposals - LAO Assessment of the 2008 Special Session Proposals [Video]

LAO Assessment of the 2008 Special Session Proposals - LAO Assessment of the 2008 Special Session Proposals [Video] To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video LAO Assessment of the 2008 Special Session Proposals November 11, 2008 Mac Taylor discusses the LAO 's Overview of the 2008 Special Session Proposals.
https://lao.ca.gov/Videos/Player?playlistId=85

LAO Assessment of the 2008-09 May Revision - LAO Assessment of the 2008-09 May Revision [Video]

LAO Assessment of the 2008-09 May Revision - LAO Assessment of the 2008-09 May Revision [Video] Elizabeth Hill discusses the LAO 's Overview of the 2008-09 May Revision . To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video LAO Assessment of the 2008-09 May Revision May 19, 2008 Elizabeth Hill discusses the LAO 's Overview of the 2007-08 May Revision .
https://lao.ca.gov/Videos/Player?playlistId=22

Highlights from our 2008-09 Analysis of the Budget Bill - Highlights from the LAO's 2008-09 Analysis of the Budget Bill [Video]

Highlights from our 2008-09 Analysis of the Budget Bill - Highlights from the LAO's 2008-09 Analysis of the Budget Bill [Video] To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Highlights from the LAO 's 2008-09 Analysis of the Budget Bill February 20, 2008 Elizabeth
https://lao.ca.gov/Videos/Player?playlistId=27

LAO Alternative Budget Overview [Publication Details]

Feb 20, 2008 - Our alternative budget would end the 2008-09 fiscal year with a $1.3 billion reserve, and remain balanced through 2012-13. Reports by Policy Area
https://lao.ca.gov/Publications/Detail/1768

Overview of the Governor’s Budget, 2008-09 - Overview of the Governor’s Budget, 2008-09 [Video]

Overview of the Governor’s Budget, 2008-09 - Overview of the Governor’s Budget, 2008-09 [Video] Translate Our Website This Google ™ translation feature provided on the Legislative Analyst's Office (LAO) website is for informational purposes only.
https://lao.ca.gov/Videos/Player?playlistId=33