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 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 - As of early May, the PE ratio of the Standard and Poor ’s 500 index was 24.5. 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 2021-22 Budget: Initial Comments on the Governor’s May Revision

May 17, 2021 - We only plan to update this figure for very significant changes (that is, those greater than $500 million). CDPH = California Department of Public Health; COVID ‑19 = coronavirus disease 2019; CHHS = California Health and Human Services Agency; HHS = Health and Human Services; GARE = Government Alliance on Race and Equity; EMSA = Emergency Medical Services Authority; CalAIM =
https://lao.ca.gov/Publications/Report/4432/2

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

May 17, 2021 - We only plan to update this figure for very significant changes (that is, those greater than $500 million). ADRC = Aging and Disability Resources Centers; Cal ‑OAR = CalWORKs Outcomes and Accountability Review; IT = information technology; FFPSA = Federal Family First Prevention Services Act; DCSD = Department of Community Services and Development; DDS = Department of
https://lao.ca.gov/Publications/Report/4432/5

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

May 17, 2021 - We only plan to update this figure for very significant changes (that is, those greater than $500 million). CAC = California Arts Council; CalVet = California Department of Veterans Affairs; CDE = California Department of Education; CDFA = California Department of Food and Agriculture; CDI = California Department of Insurance; CDT = California Department of Technology; SOC =
https://lao.ca.gov/Publications/Report/4432/6

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

May 17, 2021 - We only plan to update this figure for very significant changes (that is, those greater than $500 million). CalEPA = California Environmental Protection Agency; CalFire = California Department of Forestry and Fire Protection; CalRecycle = California Department of Resources Recycling and Recovery; CARB = California Air Resources Board; ZEV = zero ‑emission vehicle; CCC =
https://lao.ca.gov/Publications/Report/4432/7

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

May 15, 2016 - Sets aside $500  million ($200  million General Fund) for future collective bargaining agreements. Reduces estimate of required Proposition  2 debt payments by $264  million. Includes $24.5  million for rehabilitation programs for state ’s inmate population.
https://lao.ca.gov/Publications/Report/3460

The 2014-15 Budget: Overview of the May Revision [Publication Details]

May 16, 2014 - Assuming that the administration's non-Proposition 98 spending estimates are accurate, this would leave around $500 million available for building reserves, paying down more debts, and/or other state priorities.
https://lao.ca.gov/Publications/Detail/3017

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

Oct 27, 2021 - Most of the funding will go out as $ 600 o ne ‑time payments to taxpayers with incomes below $75,000 (taxpayers with dependents will receive an additional $ 500 p ayment). The remainder will go out as $ 500 o ne ‑time payments to taxpayers with incomes less than $75,000 who file using an Individual Taxpayer Identification Number.
https://lao.ca.gov/Publications/Report/4448