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

The 2023-24 California Spending Plan: Other Provisions

Nov 8, 2023 - Program 4.0 makes the tax credit refundable. Production companies can receive a refund for a portion of their credits that exceed their tax liability. Additional Diversity Efforts.  The new 4.0 program makes 4  percent of each credit award contingent on the production company making a “good-faith effort ” to meet diversity goals.
https://lao.ca.gov/Publications/Report/4814

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

Oct 2, 2018 - Figure 16 Major Human Services Programs and Departments —Spending Trends General Fund (Dollars in Millions) 2017 ‑18 Change From 2017 ‑18 to 2018 ‑19 Amount Department of Child Support Services 315.6 All other social services (including state support) 525.6 Major Actions —Human Services Programs 2018 ‑19 General Fund Effect (In Millions) Program Creates new Safety Net Reserve and makes initial
https://lao.ca.gov/Publications/Report/3870/7

Building Reserves to Prepare for a Recession

Mar 7, 2018 - By most measures, the recession of the early 1990s was more severe than the dot ‑com bust in the early 2000s. For example, unemployment in California reached 9. 7  p ercent in mid ‑ to late ‑1992, but peaked at 6. 9  p ercent after the dot ‑com bust.
https://lao.ca.gov/Publications/Report/3769

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

Oct 2, 2018 - Figure 11 University of California General Fund Changes ( In Millions) Replace one ‑time Proposition 56 funds with General Fund 10.0 Resident undergraduate enrollment growth (2,000 students) a 5.0 Center for Global Conflict and Cooperation 1.0 Primary and emergency care residency slots 40.0 Carryover reappropriated for original purposes 39.5 Legal services for undocumented and immigrant students and employees 4.0 UC Davis Aggie Square project planning 2.8 Ralphe J.
https://lao.ca.gov/Publications/Report/3870/5

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 2018-19 May Revision: LAO Economic Outlook

May 12, 2018 - The typical PE ratio since 1990 is 21 (19 if the dot-com bubble of the late 1990s and early 2000s is excluded). Similar to the price-to-earnings ratio, the home price-to-rent ratio is used to gauge if home prices are in line with underlying demand for housing.
https://lao.ca.gov/Publications/Report/3829

The 2016-17 Budget: California Spending Plan

Oct 5, 2016 - Figure 23 Major Human Services Programs and Departments —Policy Changes 2016 –17 General Fund Effect (In Millions) Program Provider rate increases and other community services augmentations $293.0 One –time increase in Community Placement Plan program activities for DC movers 73.8 Establish new rate for certain residential facilities serving four or fewer individuals 26.0 Provide retention
https://lao.ca.gov/Publications/Report/3487/7

Rethinking California's Reserve Policy

Apr 10, 2025 - In March of 2004, on the heels of the dot ‑com bust, voters passed Proposition  58, which created the Budget Stabilization Account (BSA). In the 2006 ‑07 budget, the Legislature deposited $472  million into the BSA and in 2007 ‑08 deposited $1.5  billion.
https://lao.ca.gov/Publications/Report/5028