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The 2025-26 Budget: Initial Comments on the Governor's May Revision

May 17, 2025 - For context, the comparable revisions in the prior two budget cycles were $2  billion (2023 ‑24) and $2.7  billion (2022 ‑23). The increase is primarily driven by higher costs in the Medi ‑Cal program, which are projected to exceed January estimates by $10  billion over the three ‑year budget window: roughly $2  billion in 2024 ‑25 and $8  billion in 2025 ‑26.
https://lao.ca.gov/Publications/Report/5044

Rethinking California's Reserve Policy

Apr 10, 2025 - After allocating surpluses totaling over $100  billion across 2021 ‑22 and 2022 ‑23, the Legislature has addressed cumulative budget problems of $82  billion in the years since. Budget problems are also likely to persist for the foreseeable future.
https://lao.ca.gov/Publications/Report/5028