California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - The added risk variable weighs on the range of revenue outcomes that we view as most plausible. The middle of the range, which becomes our main revenue forecast, is thus lower than if we did not include the stock market risk indicator.
https://lao.ca.gov/Publications/Report/5104

The 2012-13 Budget: Economic and Revenue Update [Publication Details]

Feb 27, 2012 - Like the economic data, reports concerning state revenues have been mixed recently too, with weakness in income tax payments accompanied by speculation concerning a future bonanza of tax revenues due to the possible offering of stock by Facebook, Inc.
https://lao.ca.gov/Publications/Detail/2578

The 2025-26 Budget: Overview of the Spending Plan

Oct 16, 2025 - During the special session, the Legislature added Control Sections 90.00 and 90.01 to the 2024 ‑25 Budget Act providing up to $2.5  billion one ‑time for response and recovery costs related to the January 2025 Southern California wildfires.
https://lao.ca.gov/Publications/Report/5079

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 2025-26 Budget: California's Fiscal Outlook

Nov 20, 2024 - Outside of government and health care, the state has added no jobs in a year and a half. Similarly, the number of Californians who are unemployed is 25  percent higher than during the strong labor markets of 2019 and 2022.
https://lao.ca.gov/Publications/Report/4939

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

Oct 2, 2018 - In constructing the budget, the Legislature was faced with decisions over how to allocate $ 10  b illion in discretionary General Fund resources. ( “Discretionary ” in this context excludes billions of dollars controlled by constitutional funding requirements, such as Proposition  98 [1988] and Proposition  2 [2014], and added costs to maintain existing policies and programs.)
https://lao.ca.gov/Publications/Report/3870

COVID-19 and California’s Evolving Fiscal Outlook

Mar 18, 2020 - This estimate assumed that the average price level for the S &P  500 stock index would remain relatively flat from late 2019 through the first half of 2020, with gradual price appreciation thereafter.
https://lao.ca.gov/Publications/Report/4203

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

May 15, 2016 - (“Discretionary,” in this context, excludes billions of dollars controlled by constitutional funding requirements, such as Proposition 98 and Proposition 2, and added costs to maintain existing policies.)
https://lao.ca.gov/Publications/Report/3460

The 2019-20 Budget: Overview of the Governor's Budget

Jan 14, 2019 - Note: Excludes spending on  K ‑14  education, reserves, and debt (required by the California Constitution), and added costs to maintain existing policies. Figure also excludes some smaller spending proposals.
https://lao.ca.gov/Publications/Report/3916

The 2021-22 Spending Plan: Other Provisions

Sep 23, 2021 - In September 2020, the Legislature instituted the Main Street Small Business Tax Credit, which provides income or sales tax credits to firms with 100 or fewer employees that added jobs in the second half of 2020.
https://lao.ca.gov/Publications/Report/4452