Background information on LAO's May 2012 economic and revenue forecasts

May 18, 2012 - Figure 6 compares the LAO May 2012 revenue estimate related to the Facebook IPO with those in other recent forecasts. The IPO was announced in February and thus was not included in the Governor ’s January 2012 forecast. ( Additional information on our May 2012 Facebook IPO revenue forecast was published on this website on May 15.)
https://lao.ca.gov/Recommendations/Details/599

The 2022-23 Budget: California’s Fiscal Outlook

Nov 17, 2021 - (Figure 3 does not display an estimate for total reserves in 2022 ‑23 because this level largely will be determined by discretionary choices made by the Legislature. Total reserves include the Safety Net Reserve and the enacted balance of the SFEU.)
https://lao.ca.gov/Publications/Report/4472

Frequently asked questions concerning Facebook and California's General Fund

Aug 1, 2012 - At some point in the future, for these and other reasons, state revenue estimates likely will change to display Facebook-related revenues as simply "lumped in" with the state's other taxes. (State tax agency data on actual tax payments, for example, cannot indicate in detail which specific company's stock sales and related transactions resulted in a given amount of tax revenue.)
https://lao.ca.gov/Recommendations/Details/618

LAO commentary on Facebook IPO and state revenue forecasts

May 15, 2012 - While our office ’s state revenue forecast displays Facebook revenues only in the PIT, we acknowledge that the huge amount of wealth resulting from the company ’s IPO will benefit other state and local revenue sources in the near term.
https://lao.ca.gov/Recommendations/Details/596

How Have Past Stock Market Downturns Affected Income Tax Revenue? [EconTax Blog]

Mar 9, 2026 - Revenues regained their nominal levels in 55 months after the dot-com bubble, 53 months following the global financial crisis, and 40 months after the 2022 rate hike drawdown. Multi-year revenue declines amplify the strain on the state budget during major market downturns.  
https://lao.ca.gov/LAOEconTax/Article/Detail/852

How Have Past Stock Market Downturns Affected Income Tax Revenue? [EconTax Blog]

Mar 9, 2026 - Revenues regained their nominal levels in 55 months after the dot-com bubble, 53 months following the global financial crisis, and 40 months after the 2022 rate hike drawdown. Multi-year revenue declines amplify the strain on the state budget during major market downturns.  
https://lao.ca.gov/LAOEconTax/article/Detail/852

Summary of LAO Findings and Recommendations on the 2012-13 Budget

While our office ’s state revenue forecast displays Facebook revenues only in the PIT, we acknowledge that the huge amount of wealth resulting from the company ’s IPO will benefit other state and local revenue sources in the near term.
https://lao.ca.gov/laoapp/budgetlist/PublicSearch.aspx?PolicyAreaNum=70&KeyCol=596&Yr=2012

^[PDF] The 1989-90 Budget: Perspectives and Issues

:~Jl~,ct~diJQ'Y~r~11;l,lJ.9;~P.J'siE~tg(;lcJ¢Y~1~"i.()f..capital ,g~,t!!,~!p.S2m¥"r,~~~z,~gJ~K~t:lt~J~~p~y~r~.Foods which had been a.ppi-o- ,pHated; to 'the SFEU were' redireCted to cover the shortfall, and' several actions were taken by the administration to reduce or delay expenditures.
https://lao.ca.gov/analysis/1989/pandi_89_part1.pdf

The 2026-27 Budget: Supplemental Security Income/State Supplementary Payment (SSI/SSP) Program

Mar 3, 2026 - SSP Grants Were Increased in 2016-17, 2021-22, 2022-23, and 2023-24.  Since the Great Recession, as seen in Figure  2, grants for individuals and couples have been increased four times —in 2016-17 (by 2.76  percent), 2021-22 (by 23.95  percent), 2022-23 (by 10.3  percent), and 2023-24 (by 9.2  percent).
https://lao.ca.gov/Publications/Report/5148

The 2026-27 Budget: CalWORKs

Feb 18, 2026 - Overestimates led to a large amount of unspent TANF —$767  million —estimated to be available to reduce state spending in CalWORKs in 2022-23. Similarly, $664  million in unspent TANF funds was estimated to be available in 2024-25.
https://lao.ca.gov/Publications/Report/5122