The 2019-20 Budget: California's Fiscal Outlook

Nov 14, 2018 - As a result of the dot ‑com bust and ensuing recession in 2001, state revenues declined precipitously. The very next year, looking to budget year 2002 ‑03, our Fiscal Outlook found the state ’s surplus had disappeared, and instead, the budget faced a deficit of $12. 4  b illion for the upcoming year.
https://lao.ca.gov/Publications/Report/3896

Long-term Capacity for Debt Payments Under Proposition 2

Dec 21, 2017 - This section describes these agreements and the commitments now being funded by Proposition  2 debt payments. (A more detailed list of Proposition  2 eligible debts and recent uses of funding is available on page 4 of this budget brief and page 2 of the administration’s multiyear projections .)
https://lao.ca.gov/Publications/Report/3727

The 2021-22 Budget: The Governor’s Proposition 2 Proposals

Apr 26, 2021 - (We provide additional background and detail on the remaining eligible uses of Proposition  2 here .) Figure 4 Outstanding State ‑Only Eligible Uses of Proposition 2 (In Billions)
https://lao.ca.gov/Publications/Report/4418

The 2019-20 Budget: California Spending Plan (Final Version)

Oct 17, 2019 - The spending plan uses $4. 9  b illion ($ 781  m illion is counted toward Proposition   2) t o fully repay most remaining budgetary borrowing, most of which falls into three categories: ( 1)  d eferrals, ( 2)  l oans, and ( 3)  s ettle up.
https://lao.ca.gov/Publications/Report/4083

The 2019-20 Budget: Overview of the Governor's Budget

Jan 14, 2019 - Figure 4 Summary of Governor ’s Disaster ‑Related Proposals for 2019 ‑20 ( In Millions)
https://lao.ca.gov/Publications/Report/3916

Evolution of the Balance of the Budget Stabilization Account

Nov 14, 2018 - This means, as Figure  2 shows, the enacted BSA balance for 2018 ‑19 is now slightly below the 10  percent threshold. Including Optional Deposits, the BSA Reaches Threshold Level in 2019 ‑20. Under our revenue estimates in the Fiscal Outlook , the formulas under Proposition  2 yield a required deposit in 2019 ‑20 of $1.7  billion.
https://lao.ca.gov/Publications/Report/3900

The 2019-20 Budget: Structuring the Budget: Reserves, Debt and Liabilities

Feb 5, 2019 - Figure 4
https://lao.ca.gov/Publications/Report/3925

The 2024-25 Budget: Proposition 2 Debt Payment Proposals

Mar 20, 2024 - Originally, eligible debts under Proposition  2 included both budgetary debts and retirement liabilities. However, the state repaid all of the outstanding eligible budgetary debts in 2019 ‑20. The remaining eligible uses of Proposition  2 debt payments are related to prefunding state retiree health benefits and unfunded liabilities associated with state ‑level pension plans.
https://lao.ca.gov/Publications/Report/4887

The 2020-21 Budget: Proposition 2 Debt Payment Proposals

Mar 10, 2020 - The 2020-21 Budget: Proposition 2 Debt Payment Proposals 2.0 4 Use Proposition   2 t o Keep the CalSTRS Funding Plan On Track. Proposition   2 p resents the Legislature with a unique opportunity to determine how best to use funds that it is required to spend.
https://lao.ca.gov/Publications/Report/4196

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