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

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

An Extraordinary Moment in California's Fiscal History

Apr 11, 2019 - Specifically, we suggest that instead of using money today to repay low-interest budgetary debts (loans to the General Fund from special funds), the Legislature could achieve a higher return on its investment by making larger supplemental contributions toward its unfunded pension liabilities, which accrue at higher interest rates.
https://lao.ca.gov/Publications/Report/4003

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 2025-26 Budget: Overview of the Governor's Budget

Jan 13, 2025 - The underlying budget dynamics today are particularly challenging for three reasons. First, revenues have not caught up with expenditures. Second, under our estimates, expenditure growth exceeds estimated revenue growth.
https://lao.ca.gov/Publications/Report/4951

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

Oct 2, 2018 - Additional Reporting Requirements for Veterans Homes Master Plan. The 2017 ‑ 18 b udget included language that requires CalVet to develop a systemwide master plan for the veterans homes by July 1, 2019.
https://lao.ca.gov/Publications/Report/3870/12

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

Highlights of the 2007-08 Analysis and Perspectives and Issues [Publication Details]

Feb 21, 2007 - Highlights of the 2007-08 Analysis and Perspectives and Issues [Publication Details] Description: This document summarizes and provides links to the major findings in the 2007-08 Analysis of the Budget Bill and Perspectives and Issues.
https://lao.ca.gov/Publications/Detail/1554

Cap-and-Trade Extension: Issues for Legislative Oversight

Dec 12, 2017 - An allowance issued today can be purchased today and used to cover emissions in a future year —a design feature commonly known as banking. Since the annual cap on emissions becomes more stringent in later years, banking gives firms an incentive to obtain extra allowances in early years as a way to protect against the risk of higher prices in later years when allowances are more scarce.
https://lao.ca.gov/Publications/Report/3719

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