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 2025-26 Budget: Undertaking Fiscal Oversight

Feb 24, 2025 - Fiscal Oversight Provides Insight Into the Benefits and Costs of State Programs. As the state ’s primary policymaking body and stewards of public resources, the Legislature regularly undertakes oversight of the state ’s programs.
https://lao.ca.gov/Publications/Report/4983

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

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

Nov 15, 2024 - An independent assessment of the state ’s existing spending commitments helps equip the Legislature to consider the full scope of the fiscal choices before it —critical insight for the branch of government with constitutional authority over appropriations.
https://lao.ca.gov/Publications/Report/4938

The 2019-20 May Revision: Opportunity Zones

May 11, 2019 - Past Experience Offers Insights on Magnitude of Possible Windfalls. Past experience with New Market Tax Credits also can shed some light on how much of the proposed state Opportunity Zone benefit would be windfalls for investors.
https://lao.ca.gov/Publications/Report/4038

The 2023-24 Budget: Multiyear Budget Outlook

May 23, 2023 - The first section of the brief presents our analysis of the budget condition under these assumptions. The  second section provides our comments. Analysis Budget Problem $6   Billion Larger in 2023 ‑24 Under LAO Estimates.
https://lao.ca.gov/Publications/Report/4772

Despite Fiscal Forecasting Uncertainties, Multiyear Budget Planning Essential

May 27, 2021 - A key finding from our analysis this year is that the Governor’s ongoing spending proposals are probably too high relative to his administration’s revenue projections. This manifests in operating deficits that persist through the outlook horizon (2024‑25).
https://lao.ca.gov/Publications/Report/4443

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