The 2025-26 Budget: California's Fiscal Outlook

Nov 20, 2024 - Furthermore, a single company (Nvidia) accounts for about one ‑third of the total gains in the S &P 500 stock index over the last year. Overall, without more positive signs from the broader California economy, it is difficult to be highly confident in the recent revenue recovery.
https://lao.ca.gov/Publications/Report/4939

California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - Whereas California’s labor market has stagnated over the last two years, the S&P 500 stock index has appreciated roughly 50 percent over the same period. And most of this increase has come from skyrocketing share prices among a handful of firms associated with innovations in Artificial Intelligence (AI).
https://lao.ca.gov/Publications/Report/5104

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

Oct 27, 2021 - The bulk of CalAIM funding—ramping up and then settling in at $500 million General Fund ($900 million total funds) ongoing—supports an expanded array of services aimed at addressing the health and social needs of Medi‑Cal’s high‑cost, high‑need populations.
https://lao.ca.gov/Publications/Report/4448

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

May 17, 2021 - The largest proposals include $500  million for Golden State teacher grants and a $500  million endowment for learning-aligned employment. Reserves and Debt $11  Billion in Constitutional Reserve and Debt Requirements.
https://lao.ca.gov/Publications/Report/4432

The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - The stock market (S &P 500) has risen 50  percent in the last two years. Most of these gains come from the meteoric rise in the value of a handful of tech companies that investors believe will be major beneficiaries of recent advances in AI.
https://lao.ca.gov/Publications/Report/5091

The 2018-19 May Revision: LAO Economic Outlook

May 12, 2018 - Some signs suggest that two important assets —stocks and homes in certain markets —are somewhat overvalued. The price of stocks is related, over the long term, to corporate earnings. Accordingly, price-to-earnings (PE) ratios are one key metric used to evaluate stock prices.
https://lao.ca.gov/Publications/Report/3829

The 2016-17 Budget: Initial Comments on the Governor’s May Revision

May 15, 2016 - Proposition 98 General Fund Spending Up $389 Million . Although the administration’s estimates of revenues are lower relative to January, its estimate of the Proposition 98 minimum guarantee is higher.
https://lao.ca.gov/Publications/Report/3460

The 2018-19 Budget: California Spending Plan (Final Version)

Oct 2, 2018 - In general, it reflects budgetary legislation that the Governor has signed through June 30, 2018. In some cases, as noted, we discuss budget actions approved by the Legislature after June 2018. Spending Overall Spending.
https://lao.ca.gov/Publications/Report/3870

The 2024-25 Budget: Overview of the Governor's Budget

Jan 13, 2024 - Under our definition, a spending reduction occurs when the Governor proposes the state spend less money than what has been established under current law or policy. More colloquially, these are spending cuts.
https://lao.ca.gov/Publications/Report/4825

The 2021-22 Spending Plan: Other Provisions

Sep 23, 2021 - Marketing Zero-Emissions Vehicles $5  Million for Zero-Emissions Vehicle Marketing. The budget includes $5  million General Fund to raise consumer awareness of zero-emission vehicle technology and its benefits in partnership with other organizations, including vehicle manufacturers.
https://lao.ca.gov/Publications/Report/4452