California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - Regardless of the revenue assumption used in the 2026-27 budget, both our office and the Governor ’s Department of Finance (DOF) agree that the state faces large structural deficits. Although the strong current-year tax collections mask it, there are at least two notable indications of an underlying fiscal problem.
https://lao.ca.gov/Publications/Report/5104

The 2025-26 California Spending Plan: Proposition 4

Oct 16, 2025 - Figure 2 Budget Package Approves New Positions to Implement Proposition 4 Department
https://lao.ca.gov/Publications/Report/5076

The 2025-26 California Spending Plan: Proposition 4 [Publication Details]

Oct 16, 2025 - The 2025-26 California Spending Plan: Proposition 4 [Publication Details] Translate Our Website This Google ™ translation feature provided on the Legislative Analyst's Office (LAO) website is for informational purposes only.
https://lao.ca.gov/Publications/Detail/5076

The 2026-27 Budget: Proposition 4 Spending Plan

Feb 10, 2026 - The 2026-27 Budget: Proposition 4 Spending Plan Summary Governor ’s Budget Proposes $2.1  Billion in Proposition  4 Bond Funding in 2026 ‑27. The Governor ’s budget proposes appropriating $2.1  billion (about 21  percent of the total authorized by Proposition  4) in 2026 ‑27.
https://lao.ca.gov/Publications/Report/5115

The 2025-26 California Spending Plan: Natural Resources and Environmental Protection

Oct 16, 2025 - If the General Fund is not projected to be in a deficit in 2026-27, GGRF would only cover $500  million for CalFire in that year. Additionally, as noted in Figure  4, the budget package uses Proposition  4 to help offset the impacts of some General Fund reductions.
https://lao.ca.gov/Publications/Report/5080

The 2026-27 Budget: Proposition 4 Spending Plan [Publication Details]

Feb 10, 2026 - The 2026-27 Budget: Proposition 4 Spending Plan [Publication Details] Description: This publication assesses the Governor’s proposed 2026-27 spending plan for Proposition 4, the $10 billion climate bond approved by voters in November 2024.
https://lao.ca.gov/Publications/Detail/5115

The 2022-23 Budget: California Department of Food and Agriculture

Feb 1, 2022 - This proposal is part of a larger budget request that also includes funding for CNRA and the California Air Resources Board to conduct activities implementing S B  27 . Assessment Funding Request Not Yet Justified.  
https://lao.ca.gov/Publications/Report/4510

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 2026-27 Budget [Publication Details]

Jan 1, 2026 - The 2026-27 Budget [Publication Details] Translate Our Website This Google ™ translation feature provided on the Legislative Analyst's Office (LAO) website is for informational purposes only. The LAO is unable to guarantee the accuracy of this translation and is therefore not liable for any inaccurate information resulting from the translation application tool.
https://lao.ca.gov/Publications/Detail/5107

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