Frequently asked questions concerning Facebook and California's General Fund

Aug 1, 2012 - We discussed the administration 's Facebook forecast--as well as our office 's independent  Facebook revenue  forecast--in more detail  in   an online note  just before the IPO in May, which noted the "large margin of error" surrounding both forecasts.
https://lao.ca.gov/Recommendations/Details/618

LAO commentary on Facebook IPO and state revenue forecasts

May 15, 2012 - State tax revenue estimates regarding Facebook, therefore, require numerous assumptions. Because of these factors, there is a large margin of error surrounding both our Facebook revenue estimates and those of the administration.
https://lao.ca.gov/Recommendations/Details/596

Summary of LAO Findings and Recommendations on the 2012-13 Budget

State tax revenue estimates regarding Facebook, therefore, require numerous assumptions. Because of these factors, there is a large margin of error surrounding both our Facebook revenue estimates and those of the administration.
https://lao.ca.gov/laoapp/budgetlist/PublicSearch.aspx?PolicyAreaNum=70&KeyCol=596&Yr=2012

The 2026-27 Budget: County Administration and H.R. 1 Implementation [Publication Details]

Mar 5, 2026 - In this brief, we assess the Governor's proposed funding for county administration of Medi-Cal and CalFresh in response to H.R. 1 and provide related recommendations.
https://lao.ca.gov/Publications/Detail/5149

The 2026-27 Budget: County Administration and H.R. 1 Implementation

Mar 5, 2026 - Minimizing Error Rates and Related Fiscal Penalties. Given the significant fiscal impacts involved, avoiding penalties for error rates is a high priority for the state, particularly in CalFresh. Potential penalties in Medi ‑Cal are less certain and immediate but taking steps to limit payment errors in Medi ‑Cal is also warranted.
https://lao.ca.gov/Publications/Report/5149

The 2026-27 Budget: Food Assistance Programs

Feb 18, 2026 - Counties also make administrative errors when determining eligibility and calculating benefits. California ’s most recent payment error rate, for federal fiscal year 2023-24, is about 11  percent. (The comparable national error rate is similarly about 11  percent.)
https://lao.ca.gov/Publications/Report/5126

How Have Past Stock Market Downturns Affected Income Tax Revenue? [EconTax Blog]

Mar 9, 2026 - The Nasdaq composite, which includes the California headquartered companies Nvidia, Google, Facebook, Apple, AMD, and Broadcom, has doubled since 2023. The meteoric rise in the value of these companies has led to sizable gains for their investors and their employees via stock options, which has led income tax collections to grow at double-digit rates.  
https://lao.ca.gov/LAOEconTax/Article/Detail/852

How Have Past Stock Market Downturns Affected Income Tax Revenue? [EconTax Blog]

Mar 9, 2026 - The Nasdaq composite, which includes the California headquartered companies Nvidia, Google, Facebook, Apple, AMD, and Broadcom, has doubled since 2023. The meteoric rise in the value of these companies has led to sizable gains for their investors and their employees via stock options, which has led income tax collections to grow at double-digit rates.  
https://lao.ca.gov/LAOEconTax/article/Detail/852

Background information on LAO's May 2012 economic and revenue forecasts

May 18, 2012 - Figure 6 compares the LAO May 2012 revenue estimate related to the Facebook IPO with those in other recent forecasts. The IPO was announced in February and thus was not included in the Governor ’s January 2012 forecast. ( Additional information on our May 2012 Facebook IPO revenue forecast was published on this website on May 15.)
https://lao.ca.gov/Recommendations/Details/599

Proposition 50 [Ballot]

Nov 4, 2025 - Figure 2 in the analysis of Proposition 50 contained a typographical error. District 27, which is to the right of District 26, was incorrectly labeled as District 22. This typographical error has been corrected.
https://lao.ca.gov/BallotAnalysis/Proposition?number=50&year=2025