The 2022-23 Budget: California’s Fiscal Outlook

Nov 17, 2021 - Consequently, actuaries now project that the state ’s contribution rate could phase down over the next few fiscal years, reaching around 2 percent beginning in 2024 ‑25. If this occurs, the state ’s required contribution rate would be around 8 percentage points lower relative to our forecast by 2024 ‑25, meaning the state would owe several billions of dollars less to CalSTRS over the forecast period.
https://lao.ca.gov/Publications/Report/4472

The 2025-26 Budget: Overview of the Spending Plan

Oct 16, 2025 - Although the budget problem this year was smaller than in recent years ($15  billion this year compared to $55  billion in 2024 ‑25 and $27  billion in 2023 ‑24), addressing this year ’s budget problem required the state to adopt more ongoing solutions.
https://lao.ca.gov/Publications/Report/5079

The 2024-25 California Spending Plan: Other Provisions

Oct 2, 2024 - The 2024-25 California Spending Plan: Other Provisions $4,850 $7,787 a Chapter 189 of 2023 (SB 104, Skinner) appropriated $73 million FF from the IIJA ’s Enabling Middle Mile Infrastructure program in 2023 ‑24. b Chapter 48 of 2022 (SB 189, Committee on Budget and Fiscal Review) included a legislative goal to appropriate $250 million GF in
https://lao.ca.gov/Publications/Report/4934

The 2024-25 California Spending Plan: Other Provisions

Oct 2, 2024 - The 2024-25 California Spending Plan: Other Provisions $4,850 $7,787 a Chapter 189 of 2023 (SB 104, Skinner) appropriated $73 million FF from the IIJA ’s Enabling Middle Mile Infrastructure program in 2023 ‑24. b Chapter 48 of 2022 (SB 189, Committee on Budget and Fiscal Review) included a legislative goal to appropriate $250 million GF in
https://lao.ca.gov/Publications/Report/4934/governors-office-of-emergency-services

The 2025-26 Budget: Initial Comments on the Governor's May Revision

May 17, 2025 - For context, the comparable revisions in the prior two budget cycles were $2  billion (2023 ‑24) and $2.7  billion (2022 ‑23). The increase is primarily driven by higher costs in the Medi ‑Cal program, which are projected to exceed January estimates by $10  billion over the three ‑year budget window: roughly $2  billion in 2024 ‑25 and $8  billion in 2025 ‑26.
https://lao.ca.gov/Publications/Report/5044

The 2024-25 Budget: Proposition 2 Debt Payment Proposals

Mar 20, 2024 - Apply 2023 ‑24 and 2024 ‑25 Proposition   2 Payments to Supplant State CalPERS Contributions in 2024 ‑25 and 2025 ‑26. Proposition  2 prevents the state from using a required debt repayment from supplanting funding that would otherwise be made available in the “fiscal year or the subsequent fiscal year. ” In this case, the 2023
https://lao.ca.gov/Publications/Report/4887

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

Jan 13, 2025 - Over the budget window —2023 ‑24 through 2025 ‑ 26 —the administration ’s estimates of revenues (excluding policy proposals) are higher than our November 2024 estimate by $9  billion. Higher estimates for personal income taxes and corporation taxes each account for a bit under half of this difference, with the small remainder attributable to a variety of other revenues.
https://lao.ca.gov/Publications/Report/4951

The 2024-25 Budget: California's Fiscal Outlook

Dec 7, 2023 - This means using the Proposition  98 Reserve for 2022 ‑23 also would reduce the constitutional minimum requirements in 2023 ‑24 and 2024 ‑25. (The formulas governing the Proposition  98 Reserve would require the state to withdraw the remaining amount in the reserve —about $450   million —in 2023 ‑24.)
https://lao.ca.gov/Publications/Report/4819

The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - The state solved a $27  billion deficit in 2023 ‑24, a $55  billion deficit in 2024 ‑25, and a $15  billion deficit in 2025 ‑26 (in addition to roughly $28  billion in proactive budget ‑balancing actions taken the year before).
https://lao.ca.gov/Publications/Report/5091

The 2024-25 Budget: Deficit Update

Feb 20, 2024 - Recent budgets allocated tens of billions of dollars in surpluses to one-time and temporary spending, including in 2023 ‑24, 2024 ‑25, and 2025 ‑26. Some spending, most notably for 2023 ‑24, has already been disbursed or encumbered.
https://lao.ca.gov/Publications/Report/4850