The 2024-25 Budget: Initial Comments on the Governor’s May Revision

May 17, 2024 - On May 14, 2024, Governor Newsom presented a revised state budget proposal to the Legislature. This annual proposed revised budget is referred to as the May Revision. In this brief, we provide a summary of and comments on the Governor’s revised budget, focusing on the overall condition and structure of the state General Fund—the budget’s main operating account.
https://lao.ca.gov/Publications/Report/4902/1

The 2024-25 Budget: Initial Comments on the Governor’s May Revision

May 17, 2024 - On May 14, 2024, Governor Newsom presented a revised state budget proposal to the Legislature. This annual proposed revised budget is referred to as the May Revision. In this brief, we provide a summary of and comments on the Governor’s revised budget, focusing on the overall condition and structure of the state General Fund—the budget’s main operating account.
https://lao.ca.gov/Publications/Report/4902/2

The 2024-25 Budget: Initial Comments on the Governor’s May Revision

May 17, 2024 - The state meets this requirement through a combination of General Fund spending and local property tax revenue. When General Fund revenue declines, the minimum requirement usually declines in tandem.
https://lao.ca.gov/Publications/Report/4902

The 2021-22 Budget: Multiyear Budget Outlook

May 23, 2021 - The 2021-22 Budget: Multiyear Budget Outlook The 2021-22 Budget Multiyear Budget Outlook This report presents our office ’s independent assessment of the condition of the state General Fund budget through 2024 ‑25 assuming the economy continues to grow.
https://lao.ca.gov/Publications/Report/4437

The 2018-19 May Revision: LAO Multiyear State Budget Outlook

May 17, 2018 - General Fund Proposition  98 Spending Is Higher. Our estimates of General Fund spending for schools and community colleges grow roughly $1  billion more per year compared to the administration. As discussed above, this difference is largely driven by our office ’s higher projections of General Fund revenue growth.
https://lao.ca.gov/Publications/Report/3843

The 2020-21 Budget: California's Fiscal Outlook

Nov 20, 2019 - (The MCO tax offsets General Fund costs in Medi ‑Cal but it requires federal approval.) Ongoing Surplus Drops Below $1   Billion in Alternative Expenditure Scenario. There are a number of risks to the baseline expenditure scenario —including , for example, that the federal government might not approve the MCO tax.
https://lao.ca.gov/Publications/Report/4111

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 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - Figure 3 General Fund Condition Under Fiscal Outlook (In Millions)
https://lao.ca.gov/Publications/Report/5091

The 2025-26 Budget: Overview of the Spending Plan

Oct 16, 2025 - However, about $4  billion of the budget problem results from new, discretionary General Fund spending in the budget package, as well as some budget actions adopted in a special session, which we describe in the box below.
https://lao.ca.gov/Publications/Report/5079

The 2026-27 Budget: California's Fiscal Outlook [Publication Details]

Nov 19, 2025 - Each year, our office publishes the Fiscal Outlook in anticipation of the upcoming budget season. This report gives the Legislature our independent estimates and analysis of the state’s General Fund budget condition with the goal of helping lawmakers prepare for the 2026-27 budget process.
https://lao.ca.gov/Publications/Detail/5091