The 2026-27 Budget: Overview of the Governor's Budget

Jan 12, 2026 - That said, recent budgets have set the SFEU bet ween $3.5  billion and $4.5  billion, so the Governor ’s budget proposal to set the balance to $4.5  billion is generally in line with recent policy.
https://lao.ca.gov/Publications/Report/5101

California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - Given the strong possibility of an equity market downturn over the next year, the risk of repeating a painful experience looms. This historical context argues for incorporating revenue risk up-front and adjusting the budget accordingly.
https://lao.ca.gov/Publications/Report/5104