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 2026-27 Budget: California Community Colleges

Mar 5, 2026 - Under  the Governor ’s budget, a mandatory withdrawal from this reserve covers $44  million in community college apportionments costs (and $363  million in school district costs) in 2026 ‑27. In addition to this mandatory withdrawal, the Governor ’s budget also includes mandatory deposits into the reserve in 2024 ‑25 and 2025 ‑26 due to higher estimated capital gains revenue, as well as a discretionary deposit in 2025 ‑26.
https://lao.ca.gov/Publications/Report/5150

The 2026-27 Budget: How to Use One-Time Revenue Improvements

Feb 20, 2026 - Make a Smaller Withdrawal From the BSA. The Governor ’s budget also maintains a $7  billion withdrawal from the BSA in 2025-26. If a May Revision windfall exceeds the amount needed to fund the true up, we recommend the Legislature use those resources to reduce the size of this withdrawal.
https://lao.ca.gov/Publications/Report/5133

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

Changes in California Community Colleges Proposition 98 Spending, 2026-27 [EdBudget]

Jan 21, 2026 - It also includes $44 million in spending covered by withdrawals from the Proposition 98 Reserve. a The Governor's budget also includes $55 million in 2024-25 funds to fund additional enrollment growth in 2025-26. b Applies to the Adult Education Program, apprenticeship programs, CalWORKs student services, campus child care support, Disabled Students Programs and Services,
https://lao.ca.gov/Education/EdBudget/Details/1039

California Community Colleges Funding by Source [EdBudget]

Jan 21, 2026 - California Community Colleges Funding by Source [EdBudget] a Includes $44 million in withdrawals from the Proposition 98 Reserve. b Includes reimbursements. c The most recent data available is for 2024-25.
https://lao.ca.gov/Education/EdBudget/Details/1037

Oversight of certain public benefit artificial intelligence (AI) companies. [Ballot]

Jan 20, 2026 - The measure would have the following major fiscal effects: Increased state costs that would likely be in the tens of millions of dollars annually to establish and operate a new regulatory commission overseeing certain public benefit AI com panies.
https://lao.ca.gov/BallotAnalysis/Initiative/2025-033

Proposition 98 Funding Changes by Segment Since June [EdBudget]

Jan 15, 2026 - Amounts reflect deposit (+) or withdrawal (-).       c The state would be required to provide this funding in the future, assuming no decrease to the estimate of the Proposition 98 guarantee. Subscribe | California State Legislature | Online Voter Registration | Privacy Policy | Accessibility Legislative Analyst's Office | The California Legislature's Nonpartisan Fiscal and Policy Advisor 925 L Street, Suite 1000 Sacramento, CA 95814 | (916) 445-4656
https://lao.ca.gov/Education/EdBudget/Details/1061