The 2025-26 Budget: California State University

Feb 25, 2025 - Capital Fellows Program Is a Hands ‑On Learning Experience for Those Interested in State Government. The core objective of the Capital Fellows program is to train young professionals for a career in public service within state government.
https://lao.ca.gov/Publications/Report/4989

The 2026-27 Budget: Proposition 98 Guarantee and K-12 Spending Plan

Feb 4, 2026 - The  largest adjustment is a $3.8  billion mandatory deposit in 2024 ‑25, driven by significantly higher capital gains revenue since June. Another notable adjustment is the Governor ’s proposal to make a $240  million discretionary deposit in 2025 ‑26.
https://lao.ca.gov/Publications/Report/5110

The 2022-23 Budget: Initial Comments on the Governor's May Revision

May 16, 2022 - As the figure shows, about two ‑thirds of the proposals are for excluded spending, including nearly half of the overall proposals going to capital outlay projects. (Importantly, the definition of capital outlay under the SAL is more expansive than the typical definition in the budget.)
https://lao.ca.gov/Publications/Report/4598

The 2021-22 Budget: Initial Comments on the Governor’s May Revision

May 17, 2021 - The majority of these one-time proposals ($15  billion) meet the definition of capital outlay for the purposes of the SAL and are excludable. Governor Proposes $15  Billion in Spending on Capital Outlay.
https://lao.ca.gov/Publications/Report/4432

Volatility of the Personal Income Tax Base

Feb 8, 2017 - In an effort to protect the state budget from some of the volatility of capital gains, California has adopted a constitutional provision requiring PIT deposits into a state rainy ‑day fund in years when capital gains are plentiful.
https://lao.ca.gov/Publications/Report/3548

The 2020-21 Budget: The Fiscal Outlook for Schools and Community Colleges

Nov 20, 2019 - Generally, the size of the deposit tends to increase when revenue from capital gains is relatively high and the guarantee is growing quickly relative to inflation. More specifically, the deposit equals the lowest of the following four amounts: The Portion of the Guarantee Attributable to Above ‑Average Capital Gains.
https://lao.ca.gov/Publications/Report/4113

The 2021-22 Budget: The Fiscal Outlook for Schools and Community Colleges

Nov 18, 2020 - Generally, the size of the deposit tends to increase when revenue from capital gains is relatively high and the guarantee is growing quickly relative to inflation. More specifically, the deposit equals the lowest of the following four amounts: Portion of the Guarantee Attributable to Above ‑ Average Capital Gains.
https://lao.ca.gov/Publications/Report/4298

The 2022-23 Budget: Green School Bus Grants

Feb 10, 2022 - Appropriations subject to the limit consist of total state tax revenues after subtracting excluded spending, including capital outlay, certain spending on emergencies, and certain subventions to local governments.
https://lao.ca.gov/Publications/Report/4525

Update on State and School District Reserves

Apr 5, 2020 - Second, the state must set aside a portion of capital gains revenues that exceed a specified threshold (we refer to this as “excess capital gains ”). The state combines these two amounts and then allocates half of the total to pay down eligible debts and the other half to increase the balance of the BSA.
https://lao.ca.gov/Publications/Report/4216

The 2023-24 Budget: Overview of the Governor's Budget

Jan 13, 2023 - As the figure shows, most of the discretionary increases are to finance some capital outlay projects with cash instead of lease revenue bonds. This increases the size of the budget  problem. $800   Million in Other Differences.
https://lao.ca.gov/Publications/Report/4662