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

May 17, 2025 - Revenues for prior and current years are up a total of $6  billion, primarily reflecting stronger ‑than ‑expect personal income tax collections which are running $4  billion ahead of prior projections as of April.
https://lao.ca.gov/Publications/Report/5044

The 2025-26 Budget: Overview of the Governor's Budget

Jan 13, 2025 - Any level above zero is up to the discretion of the Legislature. Recent budgets have set the SFEU between $3.5  billion and $4  billion. The Governor proposes a $4.5  billion SFEU balance for the end of 2025 ‑26.
https://lao.ca.gov/Publications/Report/4951

Rethinking California's Reserve Policy

Apr 10, 2025 - Conversely, revenues can grow quickly in response to economic expansions or run ups in the stock market. …And Core Spending Is Not. Meanwhile, the ongoing costs of state programs —the state ’s core service level —is much steadier.
https://lao.ca.gov/Publications/Report/5028