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 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 Definition of Qualified Capital Outlay for the State Appropriations Limit [Publication Details]

Feb 18, 2022 - The Definition of Qualified Capital Outlay for the State Appropriations Limit [Publication Details] Translate Our Website This Google ™ translation feature provided on the Legislative Analyst's Office (LAO) website is for informational purposes only.
https://lao.ca.gov/Publications/Detail/4547

The Definition of Qualified Capital Outlay for the State Appropriations Limit

Feb 18, 2022 - Statutory Definition of Qualified Capital Outlay. One important SAL exclusion is qualified capital outlay. Generally, this exclusion gives policymakers more control over how funds are spent. The constitution defers the definition of capital outlay for SAL-related purposes ( “qualified capital outlay ”) to state statute.
https://lao.ca.gov/Publications/Report/4547

Rethinking California's Reserve Policy

Apr 10, 2025 - Second, it requires the state to set aside a portion of capital gains revenues that exceed 8 percent of General Fund taxes (this is: “excess capital gains”). Importantly, the state does not set aside all capital gains that exceed this threshold, but only a share of them.
https://lao.ca.gov/Publications/Report/5028

The 2021-22 Budget: The Governor’s Proposition 2 Proposals

Apr 26, 2021 - Debt payments also are not adjusted when new capital gains estimates are available later, which means that the revised estimate affects reserves but not debt payments. This means that initial overestimates of capital gains result in more debt payments, while underestimates of capital gains result in more reserve deposits.
https://lao.ca.gov/Publications/Report/4418

The 2023-24 Budget: Overview of the Spending Plan (Final Version)

Oct 16, 2023 - Budget Converts Many Higher Education Capital Projects From Cash to Debt Financing. The 2021 ‑22 and 2022 ‑23 budget agreements included significant upfront, non ‑Proposition  98 General Fund cash for certain higher education capital projects.
https://lao.ca.gov/Publications/Report/4788

The 2021-22 California Spending Plan: The State Appropriations Limit

Aug 30, 2021 - Qualified Capital Outlay. The Constitution allows expenditures on capital outlay projects to be excluded from appropriations subject to the limit. The definition of capital outlay for SAL purposes is substantially more expansive than the budgetary definition of capital outlay outlined in Control Section 3.00.
https://lao.ca.gov/Publications/Report/4449

The 2022-23 California Spending Plan: The State Appropriations Limit

Sep 30, 2022 - Major SAL-Related Decisions in the 2022-23 Budget Act Excluded Spending $23.7  Billion in Qualified Capital Outlay Spending. The Constitution allows expenditures on capital outlay projects to be excluded from appropriations subject to the limit.
https://lao.ca.gov/Publications/Report/4631

Amid Good Fiscal Times, Planning for the Future Is Crucial

May 21, 2019 - Whereas in a typical year, California-based companies make initial public offerings (IPOs) worth about $30  billion of market capitalization, 2019 has already seen IPOs with $150  billion in market capitalization.
https://lao.ca.gov/Publications/Report/4051