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 2023-24 Budget: State Appropriations Limit Estimates

Feb 1, 2023 - Specifically, while the state might have more room in years when revenue growth is lower than historical averages—such as this year—over the long term, we expect the state to continue to reach the limit.
https://lao.ca.gov/Publications/Report/4667

The 2016-17 Budget: California Spending Plan

Oct 5, 2016 - 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/3487/1

The 2025-26 Budget: Overview of the Governor's Budget

Jan 13, 2025 - The state constitution has a balanced budget requirement, which means the balance of the SFEU must be set above zero for the upcoming fiscal year. Any level above zero is up to the discretion of the Legislature.
https://lao.ca.gov/Publications/Report/4951

The 2020-21 Budget: Overview of the Governor's Budget

Jan 13, 2020 - BSA Reaches Maximum Threshold in 2021 ‑22. Under Proposition  2, the state must make deposits into the BSA until its balance reaches a threshold of 10  p ercent of General Fund taxes. Under the administration ’s estimates, the state reaches this threshold in 2021 ‑22.
https://lao.ca.gov/Publications/Report/4135

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

Jan 12, 2026 - The State Constitution has a balanced budget requirement, which means the balance of the SFEU must be set above zero for the upcoming fiscal year. Any level above that is up to the discretion of the Legislature.
https://lao.ca.gov/Publications/Report/5101

The 2022-23 Budget: Initial Comments on the Governor's May Revision

May 16, 2022 - Proposition   98 Reserve Reaches $9.5   Billion. In addition, the Proposition  98 Reserve, which is dedicated to school and community college spending, would reach $9.5  billion under the Governor ’s May Revision.
https://lao.ca.gov/Publications/Report/4598

Rethinking California's Reserve Policy

Apr 10, 2025 - Options to Reach This Higher Threshold If the cap is raised substantially—ideally to 50 percent by 2055—the state would also need to set aside more in reserve deposits to dependably reach this higher amount.
https://lao.ca.gov/Publications/Report/5028

Long-term Capacity for Debt Payments Under Proposition 2

Dec 21, 2017 - Estimates of Future Proposition  2 Debt Funding No Added Debt Funding Requirements in 2017 ‑18. Our estimates of General Fund revenues and capital gains suggest the state underestimated 2017‑18 Proposition 2 requirements by $1.4 billion.
https://lao.ca.gov/Publications/Report/3727