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

Mar 9, 2026 - The state 's unemployment rate, for example, peaked at 7 percent following the dot-com crash but reached nearly double that during the financial crisis and remained elevated for much longer. Yet the dot-com bubble hit California revenues worse because the bubble was concentrated in technology companies headquartered here.
https://lao.ca.gov/LAOEconTax/Article/Detail/852

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

Mar 9, 2026 - The state 's unemployment rate, for example, peaked at 7 percent following the dot-com crash but reached nearly double that during the financial crisis and remained elevated for much longer. Yet the dot-com bubble hit California revenues worse because the bubble was concentrated in technology companies headquartered here.
https://lao.ca.gov/LAOEconTax/article/Detail/852

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

Frequently asked questions concerning Facebook and California's General Fund

Aug 1, 2012 - Frequently asked questions concerning Facebook and California's General Fund Frequently asked questions concerning Facebook and California's General Fund Program: Revenues Finding or Recommendation: This item lists answers to frequently asked questions concerning Facebook's stock and California's General Fund budget for 2012-13.
https://lao.ca.gov/Recommendations/Details/618

LAO commentary on Facebook IPO and state revenue forecasts

May 15, 2012 - State tax revenue estimates regarding Facebook, therefore, require numerous assumptions. Because of these factors, there is a large margin of error surrounding both our Facebook revenue estimates and those of the administration.
https://lao.ca.gov/Recommendations/Details/596

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

Essentially, to avoid “double counting ” the Facebook income, this means that both of our revenue estimates consider the economy without Facebook and then add PIT revenues on top of those estimates to account for the IPO.
https://lao.ca.gov/laoapp/budgetlist/PublicSearch.aspx?PolicyAreaNum=70&KeyCol=596&Yr=2012

LAO Publications

View on YouTube . Format: July 1, 2011 - Summary Tables 2011-12 Budget Package Format: 2009 List of State Boards and Commissions (Partially Updated) June 7, 2011 - This document is a partially updated list of nearly 300 state boards and commissions.
https://lao.ca.gov/Publications?page=4&year=0&publicationType=0&type=Other

MOU Fiscal Analysis: Bargaining Unit 7 (Protective Services and Public Safety) [Publication Details]

Aug 8, 2019 - MOU Fiscal Analysis: Bargaining Unit 7 (Protective Services and Public Safety) [Publication Details] Translate Our Website This Google ™ translation feature provided on the Legislative Analyst's Office (LAO) website is for informational purposes only.
https://lao.ca.gov/Publications/Detail/4085

MOU Fiscal Analysis: Bargaining Unit 7 (Protective Services and Public Safety)

Aug 8, 2019 - Overtime is a significant component of Unit 7 members ’ compensation. In 2018, Unit 7 members received a total of $53  million in overtime —averaging about $9,000 per employee who earned overtime. We estimate that the scheduled pay increases could result in Unit 7 overtime costs increasing by more than $7  million.
https://lao.ca.gov/Publications/Report/4085

The 2015-16 Budget: Health Benefits for Retired State Employees - Health Benefits for Retired State Employees: Recommendations [Video]

View on YouTube . To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Health Benefits for Retired State Employees: Recommendations March 16, 2015
https://lao.ca.gov/Videos/Player?playlistId=21&videoId=141