The 2025-26 Budget: Overview of the Spending Plan

Oct 16, 2025 - As of this writing, DOF is still working on identifying the list of those funds to borrow from to achieve this target. Proposition   98 “Settle Up ” ($1.9   Billion). Proposition  98 (1988) sets a minimum funding requirement for schools and community colleges based on formulas in the State Constitution.
https://lao.ca.gov/Publications/Report/5079

LAO Alternative Budget Overview [Publication Details]

Feb 20, 2008 - By making more targeted reductions; eliminating or modifying ineffectiveness or nonessential programs; and adding ongoing revenue solutions, we believe this approach offers the Legislature a better foundation to begin crafting a 2008-09 budget that focuses on essential services.
https://lao.ca.gov/Publications/Detail/1768

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 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

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

Nov 15, 2024 - As such, our independent fiscal assessment underlies the Legislature ’s ability to assert an informed check on the executive branch, making any added complexity from diverging estimates a worthwhile trade-off.
https://lao.ca.gov/Publications/Report/4938

The 2019-20 Budget: Overview of the Governor's Budget

Jan 14, 2019 - 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/3916

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

May 17, 2025 - Finally, although we have not previously recommended the Leg islature take decisive action to address the structural deficits, the state ’s persistent fiscal imbalance and the added downside risks —particularly from potential federal actions —suggest a need for a more proactive approach.
https://lao.ca.gov/Publications/Report/5044

Taking Stock of California’s Recession Readiness

Feb 12, 2020 - Legislature ’s Risk Tolerance Is Ultimate Guide When Setting Operating Surplus Target What lessons are there to take away from our various scenario analyses? One is that there is a dynamic quality to the state ’s fiscal resilience.
https://lao.ca.gov/Publications/Report/4156

The 2025-26 Budget: California's Fiscal Outlook

Nov 20, 2024 - Outside of government and health care, the state has added no jobs in a year and a half. Similarly, the number of Californians who are unemployed is 25  percent higher than during the strong labor markets of 2019 and 2022.
https://lao.ca.gov/Publications/Report/4939