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

May 17, 2025 - The lower debt payments reflect weaker projected revenues in 2025 ‑26, which reduce constitutionally required transfers. How Does the Governor Propose Addressing the Budget Problem? Figure  1 summarizes the budget solutions described in this section.
https://lao.ca.gov/Publications/Report/5044

Rethinking California's Reserve Policy

Apr 10, 2025 - Proposition  4 sets up a system in which all tax revenues —with only limited exceptions —are counted at some level of government (for example, the state, or a city, county, or school district). Funds transferred between these entities of government are counted at some part of the structure.
https://lao.ca.gov/Publications/Report/5028