Frequently asked questions concerning Facebook and California's General Fund

Aug 1, 2012 - Thus, the IPO share price--being higher than that assumed in the budget--provides a small benefit to the budget. More recently, Facebook share prices have fallen far below levels assumed in the state 's revenue projections.
https://lao.ca.gov/Recommendations/Details/618

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

LAO commentary on Facebook IPO and state revenue forecasts

May 15, 2012 - As we discussed in our February publication, The 2012-13 Budget: Economic and Revenue Update , the amount of IPO-related tax revenues cannot be predicted with any degree of precision. There are many reasons for the difficulties in forecasting these tax revenues.
https://lao.ca.gov/Recommendations/Details/596

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

Summary of LAO Findings and Recommendations on the 2012-13 Budget Summary of LAO Findings and Recommendations on the 2012-13 Budget Create a summary list by choosing a Policy Area OR Department below, and clicking Go.  
https://lao.ca.gov/laoapp/budgetlist/PublicSearch.aspx?PolicyAreaNum=70&KeyCol=596&Yr=2012

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 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

Fiscal Outlook: Estimating Wages and Salaries [EconTax Blog]

Nov 14, 2018 - We expect workers in technology sector jobs —which includes firms conducting data processing, software development, and web search, like Google and Facebook —to see strong growth in both average wages and jobs.
https://lao.ca.gov/LAOEconTax/Article/Detail/321

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

Feb 27, 2012 - The 2012-13 Budget: Economic and Revenue Update [Publication Details] Video Description: There are plenty of mixed signals in economic data for California’s policymakers, as they continue to craft state and local budgets in a constrained fiscal environment.
https://lao.ca.gov/Publications/Detail/2578

California Community Colleges Capital Outlay Projects [EdBudget]

Mar 10, 2026 - The 2023-24 budget authorized $112 million in state funding from UC revenue bonds for this project. The 2025-26 budget replaces $87.5 million of this amount with Proposition 2 funds. The project retains $24.3 million in previously allocated General Fund support.  
https://lao.ca.gov/Education/EdBudget/Details/1025