The 2026-27 Budget: Overview of the Governor's Budget [Publication Details]

Jan 12, 2026 - On January 9, 2026, Governor Newsom’s administration presented its proposed state budget to the California Legislature. In this report, we provide a high-level summary and our initial analysis of the Governor’s budget based on our preliminary review (as of January 10). Assembly Budget Handout (PDF) Senate Budget and Fiscal Review Handout (PDF)
https://lao.ca.gov/Publications/Detail/5101

The 2026-27 Budget: Overview of the Governor's Budget

Jan 12, 2026 - (We consider a proposal to be “discretionary” if it provides more funding for a program or a service above what is already committed under current law or policy.) After 2026‑27, these proposals would add about $200 million in ongoing spending.
https://lao.ca.gov/Publications/Report/5101

LAO commentary on Facebook IPO and state revenue forecasts

May 15, 2012 - In addition, the Facebook IPO apparently will generate significant tax deductions for the company, which will effectively reduce federal tax revenues and tax revenues in various states below what they otherwise would be.
https://lao.ca.gov/Recommendations/Details/596

The 2025-26 Budget: California Spending Plan Series [Publication Details]

Oct 16, 2025 - Each year, our office publishes California Spending Plan, a series of publications that summarize the annual state budget. The flagship report of this series, Overview of the Spending Plan, is presented here along with short online posts that focus on major areas and features of the 2025-26 budget package. As the posts become available, we will add them below.
https://lao.ca.gov/Publications/Detail/5105

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

In addition, the Facebook IPO apparently will generate significant tax deductions for the company, which will effectively reduce federal tax revenues and tax revenues in various states below what they otherwise would be.
https://lao.ca.gov/laoapp/budgetlist/PublicSearch.aspx?PolicyAreaNum=70&KeyCol=596&Yr=2012

Frequently asked questions concerning Facebook and California's General Fund

Aug 1, 2012 - As such, both  the administration and our office had to make assumptions about what would happen to Facebook 's stock price in the months following the IPO. The administration 's projection--incorporated in the 2012-13 budget plan--assumed a $35 share price at the time of the IPO and $35 in November, when the RSU settlement activity mentioned above will occur.
https://lao.ca.gov/Recommendations/Details/618

The 2026-27 Budget: Cap-and-Invest Expenditure Plan

Feb 10, 2026 - In light of this, we think the Legislature should carefully consider what types of activities it would like to include in this category —and potentially provide this guidance to the administration in statute, as appropriate —recognizing that this year ’s decisions could serve as a precedent going forward.
https://lao.ca.gov/Publications/Report/5114

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

Mar 9, 2026 - The Nasdaq composite, which includes the California headquartered companies Nvidia, Google, Facebook, Apple, AMD, and Broadcom, has doubled since 2023. The meteoric rise in the value of these companies has led to sizable gains for their investors and their employees via stock options, which has led income tax collections to grow at double-digit rates.  
https://lao.ca.gov/LAOEconTax/Article/Detail/852

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

Mar 9, 2026 - The Nasdaq composite, which includes the California headquartered companies Nvidia, Google, Facebook, Apple, AMD, and Broadcom, has doubled since 2023. The meteoric rise in the value of these companies has led to sizable gains for their investors and their employees via stock options, which has led income tax collections to grow at double-digit rates.  
https://lao.ca.gov/LAOEconTax/article/Detail/852

The 2026-27 Budget: Child Welfare

Mar 3, 2026 - Some questions for the Legislature to consider as it oversees these programs include: What are the major outputs, outcomes, and impacts of the funding to date? What do youth and families view as the most notable results or effects of the funding?
https://lao.ca.gov/publications/report/5147