The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - This report gives the Legislature our independent estimates and analysis of the state ’s General Fund budget condition with the goal of helping lawmakers prepare for the 2026 ‑27 budget process. As always, our Fiscal Outlook evaluates the budget ’s condition based on current law and policy both at the state and federal level.
https://lao.ca.gov/Publications/Report/5091

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

Jan 12, 2026 - That said, recent budgets have set the SFEU bet ween $3.5  billion and $4.5  billion, so the Governor ’s budget proposal to set the balance to $4.5  billion is generally in line with recent policy.
https://lao.ca.gov/Publications/Report/5101

The 2026-27 Budget: Overview of the Governor's Budget [Publication Details]

Jan 12, 2026 - On January 9, 2026, Governor Newsom’s administration presented its proposed state budget to the California Legislature. In this report, we provide a high-level summary and our initial analysis of the Governor’s budget based on our preliminary review (as of January 10). Assembly Budget Handout (PDF) Senate Budget and Fiscal Review Handout (PDF)
https://lao.ca.gov/Publications/Detail/5101

The 2025-26 Budget: Multiyear Budget Outlook

May 24, 2025 - The 2025-26 Budget: Multiyear Budget Outlook Multiyear Budget Outlook Summary This analysis presents our assessment of the budget ’s condition under our revenue forecast and spending estimates of the Governor ’s May Revision spending proposals.
https://lao.ca.gov/Publications/Report/5052

The 2026-27 Budget: California's Fiscal Outlook [Publication Details]

Nov 19, 2025 - Each year, our office publishes the Fiscal Outlook in anticipation of the upcoming budget season. This report gives the Legislature our independent estimates and analysis of the state’s General Fund budget condition with the goal of helping lawmakers prepare for the 2026-27 budget process.
https://lao.ca.gov/Publications/Detail/5091

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

Nov 15, 2024 - Reaffirming the LAO ’s Independent Mandate The LAO was established in 1941 because the Legislature sought an independent source of information and analysis —one directly accountable to it and serving as a fiscal watchdog on its behalf.
https://lao.ca.gov/Publications/Report/4938

The 2024-25 Budget: Multiyear Budget Outlook

May 23, 2024 - The first section of the post presents our analysis of the budget condition under these assumptions. The second section provides our comments. Analysis Budget Year Budget Problem $7  Billion Higher Under LAO Revenue and Spending Estimates.
https://lao.ca.gov/Publications/Report/4907

Rethinking California's Reserve Policy

Apr 10, 2025 - (This analysis assumes that, after 2029‑30 when debt payments become optional, the state dedicates all of the Proposition 2 requirements to reserves, rather than splitting those requirements between reserves and debt.)
https://lao.ca.gov/Publications/Report/5028

The 2025-26 Budget: Multiyear Budget Outlook [Publication Details]

May 24, 2025 - This post presents our office’s forecast of the condition of the state General Fund budget through 2028-29 under our revenue estimates and assuming the Governor’s May Revision policies were adopted.
https://lao.ca.gov/Publications/Detail/5052

The 2025-26 Budget: Multiyear Budget Outlook

May 24, 2025 - This post presents our office’s forecast of the condition of the state General Fund budget through 2028-29 under our revenue estimates and assuming the Governor’s May Revision policies were adopted.
https://lao.ca.gov/Publications/Report/5052/1