The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - Instead, our forecast includes income tax collections that are somewhat weaker than suggested by cash trends, but still tens of billions of dollars above where they would be if stocks actually drop significantly.
https://lao.ca.gov/Publications/Report/5091

An Update on California’s Cash Management Situation

Aug 31, 2020 - While uncertainty about the state ’s budget and cash situations is still high, the state ’s cash management outlook for 2020-21 is positive. Positive Cash Management Outlook General Fund Cash Position.
https://lao.ca.gov/Publications/Report/4266

The 2023-24 Budget: Considering Inflation's Effects on State Programs

Nov 16, 2022 - As described earlier, most state cash and cash‑like benefits, such as for CalWORKs, SSI/SSP, and the non‑tuition portion of state Cal Grants, currently are not adjusted for inflation. As a result, we expect the real value of these assistance programs to decline more rapidly than prior years as higher inflation persists.
https://lao.ca.gov/Publications/Report/4647

The 2019-20 Budget: Undoing California’s Outstanding Budgetary Deferrals

Mar 26, 2019 - (That said, undoing the deferrals would slightly improve General Fund liquidity, contributing to some higher investment earnings, but this effect is difficult to quantify and very small.) Undoing, and Redoing, Deferrals Involves More Administrative Complexity.
https://lao.ca.gov/Publications/Report/3988

Managing California’s Cash

Sep 3, 2019 - For a number of days in October of 2009 t he state confronted a very real possibility that it would not be able to issue a RAN large enough to meet its cash obligations. As a state government, California has the power to levy taxes and cannot declare bankruptcy.
https://lao.ca.gov/Publications/Report/4092

The 2019-20 Budget: Structuring the Budget: Reserves, Debt and Liabilities

Feb 5, 2019 - State ’s Budget Position and Cash Position Differ. The state budget process aligns General Fund revenues with expenditures on an annual basis. This budgetary position is different than the General Fund ’s cash position —a daily or point ‑in ‑time estimate of whether the fund has sufficient cash on hand to make expenditures.
https://lao.ca.gov/Publications/Report/3925

The 2017-18 Budget: California Spending Plan

Oct 18, 2017 - Other Major Changes Makes $6  billion supplemental payment to CalPERS using a loan from state cash balances. Replaces pay-as-you-go funding for state office buildings with lease revenue bond financing.
https://lao.ca.gov/Publications/Report/3694/1

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

COVID-19 and California’s Evolving Fiscal Outlook

Mar 18, 2020 - In recent years, because the state has accelerated the pay down of debt, maintained a multiyear balanced budget, and holds a significant cash cushion, California is better prepared to weather the public health crisis and unfolding economic downturn.
https://lao.ca.gov/Publications/Report/4203

The 2021-22 Budget: CalWORKs Fiscal Outlook

Dec 8, 2020 - Background CalWORKs Provides Cash Assistance and Employment Services to Low ‑Income Families. To qualify for CalWORKs, families must have one or more children and generally earn no more than about 80  p ercent of the federal poverty level.
https://lao.ca.gov/Publications/Report/4306