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

Mar 9, 2026 - By most measures, the global financial crisis was more severe than the dot-com crash. 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.
https://lao.ca.gov/LAOEconTax/Article/Detail/852

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

Mar 9, 2026 - By most measures, the global financial crisis was more severe than the dot-com crash. 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.
https://lao.ca.gov/LAOEconTax/article/Detail/852

California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - After the dot-com bust and the Great Recession, it took four and five years, respectively, for revenues to recover. Incorporating revenue risk into the budget now, therefore, reflects prudence, not pessimism.
https://lao.ca.gov/Publications/Report/5104

The 2026-27 Budget: Estimated State Savings From Proposition 47

Feb 23, 2026 - The 2026-27 Budget: Estimated State Savings From Proposition 47 Estimated State Savings From Proposition  47 Background Proposition  47 (2014) Reduced Punishment for Certain Lower-Level Drug and Property Crimes.
https://lao.ca.gov/Publications/Report/5108

The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - This is because constitutional spending requirements under Proposition  98 (1988) and Proposition  2 (2014) almost entirely offset revenue gains. Moreover, we estimate costs in other programs to be about $6  billion higher than anticipated.
https://lao.ca.gov/Publications/Report/5091

The 2026-27 Budget: Bureau for Private Postsecondary Education

Mar 25, 2026 - As Figure  1 shows, expenditures from the BPPE Fund have exceeded revenues annually beginning in 2014-15. This trend is counter to the typical expectation that regulatory agencies ’ fees cover their costs.
https://lao.ca.gov/Publications/Report/5169

Proposition 98 Funding Changes by Segment Since June [EdBudget]

Jan 15, 2026 - b Proposition 98 Reserve established by Proposition 2 (2014). Amounts reflect deposit (+) or withdrawal (-).       c The state would be required to provide this funding in the future, assuming no decrease to the estimate of the Proposition 98 guarantee.
https://lao.ca.gov/Education/EdBudget/Details/1061

The 2026-27 Budget: In-Home Supportive Services

Mar 18, 2026 - However, as seen in Figure  5 , when we consider IHSS hourly wages separately, we see that the average growth rate of hourly wages has been 5.6  percent annually since  2014. This growth in IHSS hourly wages is in part due to increases to the state minimum wage —from $8  per hour on January 1, 2014 to $16.90 per hour on January  1,  2026.
https://lao.ca.gov/Publications/Report/5166

^[PDF] Building Reserves to Prepare for a Recession

By most measures, the recession of the early 1990s was more severe than the dot-com bust in the early 2000s. For example, unemployment in California reached 9.7 percent in mid- to late-1992, but peaked at 6.9 percent after the dot-com bust.
https://lao.ca.gov/reports/2018/3769/prepare-for-recession-030718.pdf

Building Reserves to Prepare for a Recession

Mar 7, 2018 - Budget Stabilization Account Proposition   58 Governed BSA From 2004 t o 2014. Until 2014, the BSA was governed by Proposition  58. Passed by voters in 2004, Proposition   58 r equired the state to make an annual transfer into the BSA.
https://lao.ca.gov/Publications/Report/3769