The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - As shown in Figure  1 , many signs of an overly exuberant stock market are present today: measures of whether stocks are “expensive ” are at historically high levels, investors are borrowing more to buy stocks, and households are more invested in the stock market than they have been in at least 70  years.
https://lao.ca.gov/Publications/Report/5091

Overview of the 2008-09 May Revision [Publication Details]

May 19, 2008 - Our plan includes a more responsible lottery securitization—resulting in a General Fund benefit of $5.6 billion over two years—with a dramatically reduced risk to education’s lottery funding. Finally, we offer some much simpler approaches to increasing the size of the state’s reserve in good fiscal times.
https://lao.ca.gov/Publications/Detail/1828

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

Jan 12, 2026 - As a result, we consider the entire balance of the SFEU to be a discretionary choice. 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

Fiscal Outlook Addendum: CalPERS

Nov 18, 2015 - By rejecting the faster shift to a 6.5 percent discount rate, the CalPERS action mitigates some of the near-term budget risk for retirement funding we discuss in today 's Fiscal Outlook . As we state in the Fiscal Outlook (p. 44 of the pdf version), the plan adopted today by the CalPERS board "would not necessarily increase costs above our assumptions between now and 2019-20 " because it changes the system 's discount rates so gradually.
https://lao.ca.gov/Publications/Report/3308

The 2017-18 Budget: California Spending Plan

Oct 18, 2017 - Regarding the lottery, Districts of Choice are to give priority to low ‑income students and children of military personnel. Compliance with lottery procedures are to be verified as part of districts ’ annual audits.
https://lao.ca.gov/Publications/Report/3694/3

The 2018-19 Budget: California Spending Plan (Final Version)

Oct 2, 2018 - Specifically, the budget provides $ 12  m illion to the UC Davis Institute for Regenerative Cures to research “Jordan ’s Syndrome ” —a rare disorder resulting from a genetic mutation that is thought to cause autism and other neurological disorders.
https://lao.ca.gov/Publications/Report/3870/5

The 2024-25 Budget: Multiyear Budget Outlook

May 23, 2024 - By pulling back substantially on one-time and temporary spending, as well as making some ongoing reductions, the Governor ’s May Revision shrinks the state ’s projected deficits from around $30  billion (our December 2023 estimates) to an average of less than $10  billion (our estimates today).
https://lao.ca.gov/Publications/Report/4907

The 2020-21 Budget: California's Spring Fiscal Outlook

May 8, 2020 - Another way to conceptualize the “current service level ” is to consider the level of benefits and services being provided by the state today (rather than those that will be provided in the future under law).
https://lao.ca.gov/Publications/Report/4228

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

May 17, 2025 - As a result, associated spending is likely to be higher in the out ‑years.
https://lao.ca.gov/Publications/Report/5044

Cal Facts: 2016

Dec 5, 2016 - The California Lottery accounts for less than 2  percent of all school funding. About 30  percent of school funding comes from local sources —primarily property taxes. Slightly less than 10  percent of school funding comes from the federal government.
https://lao.ca.gov/Publications/Report/3511/2