The 2025-26 Budget: California's Fiscal Outlook

Nov 20, 2024 - Instead, much of the bounce appears to be tied to special forms of pay for high ‑income workers, such as bonuses and stock  compensation. Booming Stock Market Driving Income Growth. The recent run ‑up in the stock market, which appears tied to optimism surrounding artificial intelligence, is a primary driver of the rapid growth in pay to high ‑income workers.
https://lao.ca.gov/Publications/Report/4939

The 2022-23 Budget: California’s Fiscal Outlook

Nov 17, 2021 - Operating Surplus of $5 Billion in 2022 ‑23. In addition to the factors described above, which are revisions to the 2021 ‑22 Budget Act , our outlook anticipates the state will have an additional $5.2 billion operating surplus in 2022 ‑23.
https://lao.ca.gov/Publications/Report/4472

The 2026-27 Budget: Overview of the Governor's Budget

Jan 12, 2026 - Ongoing, the Governor ’s spending ‑related solutions provide $5  billion in savings within a few years. Appendix 1 provides a list of the Governor ’s budget solutions. Generates $5.6 Billion School and Community College Settle‑Up Obligation in 2025‑26.
https://lao.ca.gov/Publications/Report/5101

The 2025-26 Budget: Overview of the Spending Plan

Oct 16, 2025 - In this publication we: provide an overview of the 2025 ‑26 budget package, give a brief description of how the budget process unfolded, and then highlight the major features of the budget approved by the Legislature and signed by the Governor.
https://lao.ca.gov/Publications/Report/5079

The 2019-20 Budget: California Spending Plan—Debt Liabilities

Oct 17, 2019 - Chapter  33 appropriates additional General Fund money in 2019 ‑20 through 2022 ‑23 as a supplemental payment to the state ’s unfunded liabilities at CalSTRS (these payments are counted toward the state ’s Proposition  2 debt payment requirements).
https://lao.ca.gov/Publications/Report/4106

California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - There are signs of similar market overexuberance related to AI happening now. At this point, stock prices are trading at a rich premium relative to corporate profits. Moreover, investors have been aggressive in taking on high levels of margin debt (borrowing to buy stocks), which has reached approximately three times the historical norm.
https://lao.ca.gov/Publications/Report/5104

The 2022-23 Budget: California's Fiscal Outlook Press Availability - The 2022-23 Budget: California's Fiscal Outlook Press Availability [Video]

The 2022-23 Budget: California's Fiscal Outlook Press Availability - The 2022-23 Budget: California's Fiscal Outlook Press Availability [Video] Search LAO Videos The 2022-23 Budget: California 's Fiscal Outlook Press Availability November 17, 2021 Legislative Analyst Gabriel Petek hosts a video call with members of the press after the release of the LAO 's report The 2022-23 Budget: California's Fiscal Outlook .
https://lao.ca.gov/Videos/Player?playlistId=116

The 2022-23 Budget: Overview of the Spending Plan

Oct 12, 2022 - While there are no costs in 2022 ‑23, the expansion is expected to result in increased spending of $2.1  billion General Fund at full implementation. Developmental Services Rate Reform Acceleration. The 2021 ‑22 budget included funding to begin implementation of service provider rate reform, with funding for rate increases and quality incentives ramping up to $1.2  billion General Fund in 2025 ‑26 and ongoing.
https://lao.ca.gov/Publications/Report/4616

The 2021-22 Budget: Overview of the Spending Plan (Final Version)

Oct 27, 2021 - Specifically, funding in the budget declines to $2. 5 b illion (all funds) in 2022 ‑23 for these housing and homelessness programs and the budget only provides $ 24 m illion (General Fund) in ongoing funding beginning in 2023 ‑24.
https://lao.ca.gov/Publications/Report/4448

The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - This is about $5  billion larger than the budget problem anticipated by the administration in June. Figure  3 provides our estimates of the General Fund condition, including our estimate of the budget problem.
https://lao.ca.gov/Publications/Report/5091