The 2025-26 California Spending Plan: Transportation

Oct 16, 2025 - Instead, legislation enacted through the policy process —Chapter  121 of 2025 (SB  840, Lim ón) —reserves at least $1  billion from GGRF for the Legislature to appropriate for any purpose, with final amounts depending on the magnitude of cap-and-invest program auction revenues in a given year.
https://lao.ca.gov/Publications/Report/5077

The 2025-26 Budget: Overview of the Governor's Budget

Jan 13, 2025 - Recent budgets have set the SFEU between $3.5  billion and $4  billion. The Governor proposes a $4.5  billion SFEU balance for the end of 2025 ‑26.
https://lao.ca.gov/Publications/Report/4951

The 2025-26 Budget: Transportation Proposals

Feb 12, 2025 - MVA will remain at risk of insolvency until the state addresses the underlying imbalance between its revenues and expenditures. Relies on Revenue Source Subject to Uncertainty. As we discuss in further detail in our publication, The 2025‑26 Budget: Cap‑and‑Trade Expenditure Plan, GGRF revenues are subject to substantial uncertainty and are trending lower than forecasted in the current year.
https://lao.ca.gov/Publications/Report/4961