The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - As shown in Figure  1 , many signs of an overly exuberant stock market are present today: measures of whether stocks are “expensive ” are at historically high levels, investors are borrowing more to buy stocks, and households are more invested in the stock market than they have been in at least 70  years.
https://lao.ca.gov/Publications/Report/5091

How Have Past Stock Market Downturns Affected Income Tax Revenue? [EconTax Blog]

Mar 9, 2026 - This dynamic may be especially notable today. The current run-up in stock prices is similarly concentrated in Silicon Valley technology companies, raising the risk of an outsized revenue loss if that market corrects sharply.
https://lao.ca.gov/LAOEconTax/Article/Detail/852

How Have Past Stock Market Downturns Affected Income Tax Revenue? [EconTax Blog]

Mar 9, 2026 - This dynamic may be especially notable today. The current run-up in stock prices is similarly concentrated in Silicon Valley technology companies, raising the risk of an outsized revenue loss if that market corrects sharply.
https://lao.ca.gov/LAOEconTax/article/Detail/852

Proposed constitutional initiative related to gaming activities. [Ballot]

Aug 1, 2018 - Banking games generally involve players betting against the “house, ” who is a participant in the game with an interest in its outcome, and percentage games generally involve the house receiving a percentage of the money involved in the game.
https://lao.ca.gov/BallotAnalysis/Initiative/2018-003

^[PDF] Proposition 27: Allows Online and Mobile Sports Wagering Outside Tribal Lands. Initiative Constitutional Amendment and Statute.

The increase would depend mostly on how sports betting is regulated—such as the number of sports betting licenses approved, the type and number of betting options and events offered, and how much state enforcement is done.
https://lao.ca.gov/handouts/crimjust/2022/Prop-27-081022.pdf

^[PDF] Proposition 26: Allows In-Person Roulette, Dice Games, Sports Wagering on Tribal Lands. Initiative Constitutional Amendment and Statute.

Increased State Regulatory Costs „ Increased state costs for state agencies (such as DOJ) to regulate in-person sports betting, possibly reaching the low tens of millions of dollars annually. These costs would depend mostly on how sports betting is regulated, such as what types of bets are not allowed. „ Some or all of these costs would be offset by CSWF revenues and tribal payments to the state that do not go into the CSWF.
https://lao.ca.gov/handouts/crimjust/2022/Proposition-26-081022.pdf

^[PDF] State Equal Employment Opportunity Programs After GRP-1

Today, employees can still fi le discrimination complaints with their own departments or with DFEH, but they can no longer fi le most types of discrimination complaints with SPB. However, employees can still fi le disability-related discrimination complaints with SPB.  Policy Guidance (CalHR) vs.
https://lao.ca.gov/handouts/state_admin/2014/After-GRP-1-070214.pdf

Prisons vs. Universities Proposal Would Unwisely Lock Up Budget Flexibility [Publication Details]

Jan 26, 2010 - Prisons vs. Universities Proposal Would Unwisely Lock Up Budget Flexibility [Publication Details] Prisons vs. Universities Proposal Would Unwisely Lock Up Budget Flexibility Format: HTML Description: In his January budget, the Governor proposed a state constitutional amendment that would require reductions in spending on state corrections, with corresponding increases in spending for public universities.
https://lao.ca.gov/Publications/Detail/2186

Online sports wagering. [Ballot]

Oct 20, 2021 - This tax is applied to the amount a person bets. Additionally, the measure authorizes DOSBC to take va rious enforcement actions, including requiring people making such bets to register with DOSBC, requiring entities illegally offering online sports wagering to disclose the names of people who make wagers with them, and blocking access to illegal sites accepting sports wagers.
https://lao.ca.gov/BallotAnalysis/Initiative/2021-017

^[PDF] Financing Parole Realignment: Questions and Answers

Thus, if an enterprise special district levied a property tax rate during the 1970s, it continues to receive some property tax revenues today. Alternatively, if a community relied exclusively on user fees for these services before Proposition 13, it does not receive property taxes for this purpose today.
https://lao.ca.gov/handouts/localgov/2008/Parole_Q_and_A_04_02_08.pdf