California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - The Internet obviously has been a transformative innovation for society and the economy, but early on, financial markets valued dot-com and Internet firms above what their revenue-generating capacity warranted at the time.
https://lao.ca.gov/Publications/Report/5104

The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - For California, the dot ‑com era —when stocks rose and then fell precipitously in response to widespread adoption of the internet —offers the most salient example. The internet has proven to be a transformative technology and, yet, the stock market ’s initial reaction was clearly overly exuberant.
https://lao.ca.gov/Publications/Report/5091

The 2015-16 Budget: California Spending Plan

Oct 19, 2015 - If any funds remain after meeting this core objective, HSN may provide grants to other school sites that do not have Internet infrastructure that allows them to increase their Internet speeds in a cost –effective manner.
https://lao.ca.gov/Publications/Report/3302

Federal Spending in California

Jan 18, 2017 - These funds also inclu ded about $300 million in payments to telecommunications companies to provide discounts to schools and libraries for internet access and other telecommunication services.
https://lao.ca.gov/Publications/Report/3531/3

The 2019-20 May Revision: LAO Revenue Outlook

May 12, 2019 - . , which gives states new opportunities to improve compliance with the use tax on Internet sales. .  .  .  But Softened by Economic Factors. Our SUT projections are based, in part, on several parts of our economic outlook —particularly our projections for California personal income.
https://lao.ca.gov/Publications/Report/4037

Building Reserves to Prepare for a Recession

Mar 7, 2018 - By most measures, the recession of the early 1990s was more severe than the dot ‑com bust in the early 2000s. For example, unemployment in California reached 9. 7  p ercent in mid ‑ to late ‑1992, but peaked at 6. 9  p ercent after the dot ‑com bust.
https://lao.ca.gov/Publications/Report/3769

The 2021-22 Budget: Overview of the Spending Plan (Final Version)

Oct 27, 2021 - (The multiyear spending agreement anticipates additional appropriations totaling $ 950 m illion General Fund over 2022 ‑23 and 2023 ‑24 for CPUC to provide last ‑mile project grants.) $ 50 m illion General Fund to CPUC to operate a “loan loss reserve fund ” to help local entities and nonprofit organizations obtain financing for their broadband internet service projects.
https://lao.ca.gov/Publications/Report/4448

Whether or Not to Tap Reserves to Solve Estimated Budget Problem Emerges as Key Fiscal Decision Facing California’s Legislature

Apr 19, 2023 - Other downturns, such as the 2001 so-called dot-com recession, had severe fiscal implications while inflicting somewhat milder economic damage. The 2008 Great Recession had brutal effects on both the state ’s economy and budget.
https://lao.ca.gov/Publications/Report/4762

The 2023-24 California Spending Plan: Other Provisions

Nov 8, 2023 - Chapter 45 of 2023 (AB 127, Committee on Budget) creates the State Middle-Mile Broadband Enterprise Fund to receive fees from internet service providers, government entities, and other users of the middle-mile network.
https://lao.ca.gov/Publications/Report/4814

The 2018-19 May Revision: LAO Economic Outlook

May 12, 2018 - The typical PE ratio since 1990 is 21 (19 if the dot-com bubble of the late 1990s and early 2000s is excluded). Similar to the price-to-earnings ratio, the home price-to-rent ratio is used to gauge if home prices are in line with underlying demand for housing.
https://lao.ca.gov/Publications/Report/3829