The 2019-20 Budget: California's Fiscal Outlook

Nov 14, 2018 - The very next year, looking to budget year 2002 ‑03, our Fiscal Outlook found the state ’s surplus had disappeared, and instead, the budget faced a deficit of $12. 4  b illion for the upcoming year. In light of these budgetary uncertainties, in the next section, we consider how the budget ’s multiyear outlook would fare under varying economic conditions.  
https://lao.ca.gov/Publications/Report/3896