California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - After the dot-com bust and the Great Recession, it took four and five years, respectively, for revenues to recover. Incorporating revenue risk into the budget now, therefore, reflects prudence, not pessimism.
https://lao.ca.gov/Publications/Report/5104

Supplemental Report of the 2025-26 Budget Act [Publication Details]

Oct 6, 2025 - The Supplemental Report of the 2025-26 Budget Act contains statements of legislative intent and requests for studies that were adopted by the Legislature during deliberations on the 2025-26 budget package.
https://lao.ca.gov/Publications/Detail/5078

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 State Appropriations Limit

Apr 21, 2021 - The state ’s appropriations subject to the limit fell substantially during the dot ‑com bust in the early 2000s and again during the Great Recession due to the significant decline in state revenues during those downturns.
https://lao.ca.gov/Publications/Report/4416

Supplemental Report of the 2024-25 Budget Act [Publication Details]

Sep 11, 2024 - The Supplemental Report of the 2024-25 Budget Act contains statements of legislative intent and requests for studies that were adopted by the Legislature during deliberations on the 2024-25 budget package.
https://lao.ca.gov/Publications/Detail/4927

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

Supplemental Report of the 2023-24 Budget Act [Publication Details]

Sep 29, 2023 - The Supplemental Report of the 2023-24 Budget Act contains statements of legislative intent and requests for studies that were adopted by the Legislature during deliberations on the 2023-24 budget package.
https://lao.ca.gov/Publications/Detail/4803

The 2022-23 Budget: State Appropriations Limit Implications

Mar 30, 2022 - Alternatively, the Legislature Could Request the Voters Change the Limit. The Legislature ’s second long ‑term option is to ask the voters to approve changes to the SAL. As we noted in a 2021 report on the SAL , there are policy justifications for requesting that the voters change school districts’ limits.
https://lao.ca.gov/Publications/Report/4583

Supplemental Report of the 2022-23 Budget Act [Publication Details]

Sep 27, 2022 - The Supplemental Report of the 2022-23 Budget Act contains statements of legislative intent and requests for studies that were adopted by the Legislature during deliberations on the 2022-23 budget package.
https://lao.ca.gov/Publications/Detail/4627

Supplemental Report of the 2015-16 Budget Package [Publication Details]

Jul 17, 2015 - Statements of legislative intent and requests for studies adopted during deliberations on the 2015-16 budget package.
https://lao.ca.gov/Publications/Detail/3291