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

Mar 9, 2026 - By most measures, the global financial crisis was more severe than the dot-com crash. The state 's unemployment rate, for example, peaked at 7 percent following the dot-com crash but reached nearly double that during the financial crisis and remained elevated for much longer.
https://lao.ca.gov/LAOEconTax/Article/Detail/852

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

Mar 9, 2026 - By most measures, the global financial crisis was more severe than the dot-com crash. The state 's unemployment rate, for example, peaked at 7 percent following the dot-com crash but reached nearly double that during the financial crisis and remained elevated for much longer.
https://lao.ca.gov/LAOEconTax/article/Detail/852

The 2020-21 Budget: Overview of the California Spending Plan (Final Version)

Oct 5, 2020 - These two changes are estimated to reduce the inmate population by nearly 11, 000 i nmates by 2023 ‑24. The budget assumes that these changes will create $6. 4  m illion in savings in 2020 ‑21. Savings will likely increase to hundreds of millions of dollars within a few years.
https://lao.ca.gov/Publications/Report/4263

MOU Fiscal Analysis: Bargaining Unit 7 (Protective Services and Public Safety)

Aug 8, 2019 - Units 5 and 7, employees represented by Local 1000, and related managers and supervisors constitute virtually all of the employees at DMV and CHP. The actions taken as part of the 2019 ‑20 budget are based on the administration ’s MVA fund condition projections that assume employee compensation at CHP grows by 3  percent each year between 2020 ‑21 and 2023
https://lao.ca.gov/Publications/Report/4085

^[PDF] Proposition 7--The Solar and Clean Energy Act of 2008

Provides conditions under which CPUC or the Energy Com- mission may waive RPS-related penalties. Proposition 7’s Provisions (Continued) 6L E G I S L A T I V E A N A L Y S T ’ S O F F I C E September 10, 2008 Directs the Use of RPS Penalty Revenues.
https://lao.ca.gov/handouts/resources/2008/Proposition%207_91008.pdf

The 2020-21 Budget: California's Spring Fiscal Outlook

May 8, 2020 - Eliminating all the various COLAs would result in General Fund savings of $2. 1  b illion in 2020 ‑21. Most of these savings —$1. 7  b illion —would come from eliminating the COLA for K ‑ 14 e ducation.
https://lao.ca.gov/Publications/Report/4228

The 2020-21 Budget: Overview of the Governor's Budget

Jan 13, 2020 - Our office estimated the full ‑year savings —in 2022 ‑ 23 —of suspending these expenditures was $1. 7  b illion. The augmentations subject to suspensions were in a variety of state programs, including In ‑Home Supportive Services, developmental services, and Medi ‑Cal.
https://lao.ca.gov/Publications/Report/4135

The 2023-24 Budget: Multiyear Assessment

Feb 15, 2023 - Three of those —the recession in the early 1990s, the dot ‑com bust in the early 2000s, and the Great Recession —resulted in large revenue shortfalls and ensuing multiyear deficits, even for some years after each recession ended.
https://lao.ca.gov/Publications/Report/4687

2022-23 Fiscal Outlook Revenue Estimates [EconTax Blog]

Nov 17, 2021 - Whereas revenues grew over 30 percent in 2020-21, our main forecast has growth drop to 8 percent in 2021-22, fall further to about 2 percent in 2022-23, and then becomes slightly negative in 202 3-24.
https://lao.ca.gov/LAOEconTax/Article/Detail/712

The 2020-21 Budget: California's Fiscal Outlook

Nov 20, 2019 - Second, the report addresses what share of the $ 7  b illion surplus in 2020 ‑ 21 i s available to be allocated to ongoing purposes (meaning amounts that occur annually) versus one ‑time purposes (meaning amounts that are spent or saved only in 2020 ‑21).
https://lao.ca.gov/Publications/Report/4111