The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - For California, the dot ‑com era —when stocks rose and then fell precipitously in response to widespread adoption of the internet —offers the most salient example. The internet has proven to be a transformative technology and, yet, the stock market ’s initial reaction was clearly overly exuberant.
https://lao.ca.gov/Publications/Report/5091

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 2025-26 Budget: Overview of the Spending Plan

Oct 16, 2025 - The estimate of the requirement for 2024 ‑25 is up nearly $4.7  billion (4  percent) from the June 2024 level, but the budget appropriates just over $2.7  billion in additional funding for that year.
https://lao.ca.gov/Publications/Report/5079

The 2024-25 California Spending Plan: Other Provisions

Oct 2, 2024 - We identify some of the major actions taken in the 2024-25 budget process below. General Fund Reductions. The budget reflects $14.5  million in General Fund reductions in 2024-25 (declining to $1.6  million in 2027-28 and ongoing).
https://lao.ca.gov/Publications/Report/4934

The 2024-25 California Spending Plan: Other Provisions

Oct 2, 2024 - We identify some of the major actions taken in the 2024-25 budget process below. General Fund Reductions. The budget reflects $14.5  million in General Fund reductions in 2024-25 (declining to $1.6  million in 2027-28 and ongoing).
https://lao.ca.gov/Publications/Report/4934/governors-office-of-emergency-services

The 2024-25 Budget: Overview of the Spending Plan

Sep 6, 2024 - Major Features of the 2024‑25 Spending Plan This section briefly describes the major spending actions in the 2024 ‑25 budget package, including some actions that were part of the early action package.
https://lao.ca.gov/Publications/Report/4922

The 2023-24 Budget: Multiyear Assessment

Feb 15, 2023 - Three of those —the recession in the early 1990s, the dot ‑com bust in the early 2000s, and the Great Recession —resulted in large revenue shortfalls and ensuing multiyear deficits, even for some years after each recession ended.
https://lao.ca.gov/Publications/Report/4687

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

Jan 13, 2025 - Savings Proposals Generates $1.6 Billion School and Community College Settle‑Up Obligation in 2024‑25. The Governor’s budget proposes providing $1.6 billion less in total funding for schools and community colleges than the estimated constitutional minimum funding level for 2024‑25.
https://lao.ca.gov/Publications/Report/4951

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

May 17, 2025 - For  example, this includes a proposal to provide $1.3  billion less in total funding for schools and community colleges than the estimated constitutional minimum for 2024 ‑25. This yields one ‑time General Fund savings in that year but creates a “settle ‑up ” obligation that will need to be paid in a future year if 2024 ‑25 revenues remain unchanged.
https://lao.ca.gov/Publications/Report/5044

The 2024-25 Budget: Proposition 2 Debt Payment Proposals

Mar 20, 2024 - That is, all of the savings associated with the payment would accrue to 2024 ‑25 with zero benefit to future years. Proposed Use of 2023 ‑24 Payment Appears to Violate Constitution by Supplanting State Contribution in 2024 ‑25.
https://lao.ca.gov/Publications/Report/4887