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

The 2023-24 Budget: Multiyear Budget Outlook

May 23, 2023 - We discuss our economic and revenue outlook in greater detail here: The 2023‑24 Budget: May Revenue Outlook . Lower revenues result in a larger budget problem. Lower Constitutional Requirements. Coupled with our lower revenue estimates, we  also estimate that spending on constitutional requirements is correspondingly lower by $4.8  billion.
https://lao.ca.gov/Publications/Report/4772

The 2025-26 Budget: California's Fiscal Outlook

Nov 20, 2024 - The 2025-26 Budget: California's Fiscal Outlook Executive Summary The Fiscal Outlook gives the Legislature our independent estimates and analysis of the state ’s budget condition for the 2025 ‑26 budget process.
https://lao.ca.gov/Publications/Report/4939

California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - As we described in our November Fiscal Outlook , the recent stronger-than-expected revenue trends are almost entirely explained by the personal income tax (PIT), which has seen double digit growth this year.
https://lao.ca.gov/Publications/Report/5104

The 2019-20 May Revision: LAO Revenue Outlook

May 12, 2019 - The 2019-20 May Revision: LAO Revenue Outlook The 2019-20 May Revision LAO Revenue Outlook This post details our General Fund revenue outlook for 2017 ‑18 through 2022 ‑23. Our estimates of General Fund revenues and transfers for the “budget window ” —2017 ‑18 through 2019 ‑20 —are $774  million (0.2  percent) above the administration ’s May 2019 revenue forecast.
https://lao.ca.gov/Publications/Report/4037

The 2019-20 May Revision: LAO Economic Outlook

May 12, 2019 - The 2019-20 May Revision: LAO Economic Outlook The 2019-20 May Revision LAO Economic Outlook Our office just released a summary of our updated state fiscal outlook for the May Revision. Our fiscal outlook is premised on a set of economic assumptions.
https://lao.ca.gov/Publications/Report/4036

The 2022-23 Budget: Medi-Cal Fiscal Outlook

Nov 17, 2021 - The 2022-23 Budget: Medi-Cal Fiscal Outlook The 2022‑23 Budget Medi ‑Cal Fiscal Outlook This post describes our fiscal outlook for Medi ‑Cal, the major factors that we expect to drive changes in General Fund spending in Medi ‑Cal, and a number of our key underlying assumptions.
https://lao.ca.gov/Publications/Report/4474

The 2021-22 Budget: California's Fiscal Outlook Press Availability - The 2021-22 Budget: California's Fiscal Outlook Press Availability [Video]

The 2021-22 Budget: California's Fiscal Outlook Press Availability - The 2021-22 Budget: California's Fiscal Outlook Press Availability [Video] Search LAO Videos The 2021-22 Budget: California 's Fiscal Outlook Press Availability November 18, 2020 Legislative Analyst Gabriel Petek hosts a video call with members of the press after the release of the LAO 's report   The 2021-22 Budget: California's Fiscal Outlook . 
https://lao.ca.gov/Videos/Player?playlistId=115&videoId=176

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

Dec 1, 2020 - However, whereas a similar near-term windfall on the non-Proposition  98 side of the budget is followed by deficits, the fiscal outlook for the schools remains favorable through the outlook period. A new supplemental payment to the schools, instituted in the 2020 ‑21 budget, contributes to strong projected funding growth for K-14 education.
https://lao.ca.gov/Publications/Report/4305

The 2018-19 May Revision: LAO Economic Outlook

May 12, 2018 - The 2018-19 May Revision: LAO Economic Outlook The 2018-19 May Revision LAO Economic Outlook Our office just released a summary of our updated state fiscal outlook for the May Revision . Our fiscal outlook is premised on a set of economic assumptions.
https://lao.ca.gov/Publications/Report/3829