The 2023-24 Budget: Overview of the Governor's Budget

Jan 13, 2023 - Comparison to LAO November Outlook. In  our Fiscal Outlook released in November 2022, we anticipated the state would face a $24 billion budget problem, somewhat higher than the $18 billion budget problem we estimate the Governor addressed.
https://lao.ca.gov/Publications/Report/4662

Cap-and-Invest: November 2025 Auction Update and 2026-27 Budget Context

Dec 9, 2025 - (In our November 2025 publication, The 2026-27 Budget: California’s Fiscal Outlook , we estimate that the Legislature faces an almost $18 billion budget problem in 2026-27—and that estimate already assumes that GGRF and not the General Fund covers $1.25 billion of CalFire costs.)
https://lao.ca.gov/Publications/Report/5096

The 2026-27 Budget: Framework for Approaching the Natural Resources, Environmental Protection, and Agriculture Budget

Feb 10, 2026 - As a result, avoiding approval of policies and proposals that would increase out ‑year spending until the state ’s fiscal outlook improves would be prudent. Below are two examples for the Legislature to  consider.
https://lao.ca.gov/Publications/Report/5116

The 2020-21 Budget: Overview of the Governor's Budget

Jan 13, 2020 - The administration ’s revenue assumptions are very close to our November 2019 Fiscal Outlook revenue estimates in the near term. Across 2018‑19 to 2020‑21, the administration’s estimates of revenue from the state’s three largest taxes are $34 million (less than 0.01 percent of total collections) above our Fiscal Outlook estimates.
https://lao.ca.gov/Publications/Report/4135

The 2023-24 Budget: Crafting Climate, Resources, and Environmental Budget Solutions

Feb 22, 2023 - Budget Outlook Could Actually Be Even Worse. While the Governor ’s budget is balanced under the administration ’s estimates for 2023 ‑24, the administration forecasts 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/4692

The 2022-23 Budget: Overview of the Governor's Budget

Jan 13, 2022 - Consistent with our Fiscal Outlook forecast, the Governor ’s budget reflects a dramatic upward adjustment to revenues. Despite this, the administration ’s revenue estimates remain meaningfully below our Fiscal Outlook for 2021 ‑22.
https://lao.ca.gov/Publications/Report/4492

Cap-And-Trade Auction Update and GGRF Projections

Dec 6, 2021 - (These funds do not count toward the State Appropriations Limit which, as we discuss in our recent Fiscal Outlook , likely will be a key consideration in the Legislature’s upcoming budget deliberations.)
https://lao.ca.gov/Publications/Report/4480

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

May 17, 2021 - For additional discussion on revenues, see our related post The 2021‑22 Budget: May Revenue Outlook . Constitutionally Required Spending Higher by $16  Billion. The constitution requires the state to spend minimum annual amounts on schools and community colleges (under Proposition  98) and budget reserves and debt payments (under Proposition  2).
https://lao.ca.gov/Publications/Report/4432

The 2024-25 Budget: CalFire—Implementation of a 66-Hour Workweek

Mar 19, 2024 - When the Legislature considered the Unit 8 MOU in September 2022, the state ’s fiscal condition and outlook looked significantly better than they do currently. Specifically, around the time the 2022 ‑23 budget was enacted, both our office and the administration anticipated the state ’s budget would be roughly balanced over the coming years.
https://lao.ca.gov/Publications/Report/4886

The 2024-25 Budget: Insolvency Risks for Environmental and Transportation Special Funds

Feb 27, 2024 - More  recent fiscal data we summarize in our February publication, The 2024‑25 Budget: Deficit Update , indicate the budget outlook continues to worsen—we now estimate the state has a $73 billion deficit to address with the 2024‑25 budget.
https://lao.ca.gov/Publications/Report/4858