The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - The 2026-27 Budget: California's Fiscal Outlook Executive Summary Not Safe to Bet Artificial Intelligence ( AI) Fueled Exuberance Is Sustainable. Both the California and U.S. economies currently face significant headwinds.
https://lao.ca.gov/Publications/Report/5091

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

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 2019-20 Budget: Structuring the Budget: Reserves, Debt and Liabilities

Feb 5, 2019 - Specifically, if the state transfers these funds to a pension system, the system ’s board can invest the funds, likely earning a higher rate of return than the funds would earn invested as state reserves.
https://lao.ca.gov/Publications/Report/3925

Federal Spending in California

Jan 18, 2017 - This total includes roughly $3 billion in funds for the Children ’s Health Insurance Program (CHIP), which provides healthcare coverage to children in families who earn too much money to qualify for Medi-Cal.
https://lao.ca.gov/Publications/Report/3531/4

The 2025-26 Budget: Overview of the Spending Plan

Oct 16, 2025 - How the Spending Plan Addresses the Budget Problem The state has several types of solutions —or options —for addressing a budget problem, but the most important include: reserve withdrawals, spending reductions, revenue increases, and borrowing (for example, loaning money from other funds to the General Fund).
https://lao.ca.gov/Publications/Report/5079

An Extraordinary Moment in California's Fiscal History

Apr 11, 2019 - One reason to consider staying the course on adding to reserves is the degree to which the federal government ’s fiscal position has deteriorated over the past one-to-two years (see Figure  2). Measured against U.S.
https://lao.ca.gov/Publications/Report/4003

The 2019-20 Budget: California Spending Plan—Debt Liabilities

Oct 17, 2019 - An unfunded liability exists when actuaries determine that —after accounting for various actuarial assumptions about the future —there are insufficient assets on hand to pay benefits that have been earned to date.
https://lao.ca.gov/Publications/Report/4106

The 2018-19 Budget: Repaying the CalPERS Borrowing Plan

Apr 4, 2018 - For instance, most special fund loans carry a fixed interest rate equal to the investment earnings rate of the PMIA on the day the loan was made. (In recent years, this rate has averaged 0. 5  p ercent, although it has risen in recent months.)
https://lao.ca.gov/Publications/Report/3797

The 2017-18 Budget: California Spending Plan

Oct 18, 2017 - To make this payment, the budget uses a loan from the state ’s cash balances in the Pooled Money Investment Account (PMIA), which is essentially the state ’s checking account. The budget also makes an initial repayment of $146  million toward the loan, which is counted toward annual required debt payments under Proposition  2 (2014).
https://lao.ca.gov/Publications/Report/3694/1