Rethinking California's Reserve Policy

Apr 10, 2025 - While the state neared this cap in the 2019 ‑20 budget, the cap has only been operative twice: in 2022 ‑23 and 2023 ‑24. All  told, had there not been a cap on constitutional deposits, the state would have deposited about $2  billion more in reserves.
https://lao.ca.gov/Publications/Report/5028