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 2016-17 Budget: The Governor’s Proposition 2 Debt Proposal - The 2016-17 Budget: The Governor’s Proposition 2 Debt Proposal [Video]

To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video The 2016-17 Budget: The Governor’s Proposition 2 Debt Proposal February 24, 2016 Watch it on YouTube .
https://lao.ca.gov/Videos/Player?playlistId=101

The 2016-17 Budget: California's Fiscal Outlook - California's Fiscal Outlook [Video]

View  this video on   YouTube . Video Selection California 's Fiscal Outlook Subscribe | California State Legislature | Online Voter Registration | Privacy Policy | Accessibility Legislative Analyst's Office | The California Legislature's Nonpartisan Fiscal and Policy Advisor 925 L Street, Suite 1000 Sacramento, CA 95814 | (916) 445-4656
https://lao.ca.gov/Videos/Player?playlistId=95

California's Legislative Analyst's Office and the Value of Independence

Nov 15, 2024 - Some have asked why this is the case and whether aligning LAO and DOF estimates would be helpful to the Legislature. Although aligning revenue estimates might reduce the potential for confusion, doing so would risk creating bigger problems.
https://lao.ca.gov/Publications/Report/4938

The 2025-26 Budget: Overview of the Spending Plan

Oct 16, 2025 - (Modified versions of Control Sections 90.00 and 90.01 were also added to the 2025 ‑26 Budget Act , extending the availability of these funds. For more on this please see our forthcoming publication, The 2025 ‑26 California Spending Plan: Other Provisions .)
https://lao.ca.gov/Publications/Report/5079

California’s Strong Revenue Trends Mask Looming Budget Risk [Publication Details]

Jan 23, 2026 - In this installment of Fiscal Perspectives, the Legislative Analyst describes how the LAO’s revenue estimates represent a hedge against downside stock market risk and why—despite current cash trends—caution matters given the state’s large, ongoing structural deficit.
https://lao.ca.gov/Publications/Detail/5104

The 2024-25 Budget: Deficit Update

Feb 20, 2024 - Below, we explain why we set forth these amounts as a possible first option to addressing a larger budget problem and then walk through our method for estimating the amounts potentially available in more detail.
https://lao.ca.gov/Publications/Report/4850

The 2019-20 May Revision: Opportunity Zones

May 11, 2019 - This added complexity could create increased administrative burdens for builders, lenders, and government agencies tasked with funding affordable housing. Added complexity also could open the possibility of unintended consequences or misuse of funds.
https://lao.ca.gov/Publications/Report/4038

The 2025-26 Budget: Undertaking Fiscal Oversight

Feb 24, 2025 - Why Is It Particularly Important Now? State Faces Notable Deficits After 2025-26, Meaning Difficult Choices Are Ahead. Under the Governor ’s January proposals and estimates, the 2025-26 budget is expected to be balanced.
https://lao.ca.gov/Publications/Report/4983

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

Jan 12, 2026 - Budget Solutions Budget solutions are proposals that create more budget capacity. Taken together, the budget solutions in the Governor ’s budget result in an improvement in the budget ’s bottom line by $9  billion.
https://lao.ca.gov/Publications/Report/5101