The 2025-26 Budget: Overview of the Spending Plan

Oct 16, 2025 - Borrowing ($10 Billion) The budget package primarily addresses the budget problem using borrowing —these solutions represent $10  billion or roughly two ‑thirds of the total solutions. We define “borrowing ” as budget actions that achieve savings in the present, but result in an obligation or higher cost for the state in a future year.
https://lao.ca.gov/Publications/Report/5079

Rethinking California's Reserve Policy

Apr 10, 2025 - These problems are also clear when California ’s reserves are compared to other states —California ranks near the top in terms of revenue volatility, but below average in terms of reserves. As such, our recommendations are an honest reflection of the volatility in the state ’s tax system.
https://lao.ca.gov/Publications/Report/5028

The 2025-26 Budget: Multiyear Budget Outlook

May 24, 2025 - Both our office and the Department of Finance (DOF) project operating deficits ranging from $10  billion to $20  billion over the multiyear period. These shortfalls represent future budget problems that would require additional budget-balancing decisions.
https://lao.ca.gov/Publications/Report/5052

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

May 17, 2025 - 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

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

Jan 13, 2025 - Introduction On January 10, 2025, Governor Newsom ’s administration presented its proposed state budget to the California Legislature. In this report, we provide a brief summary of the Governor ’s budget based on our initial review as of January 12.
https://lao.ca.gov/Publications/Report/4951

The 2025-26 Budget: Overview of the Governor's Budget [Publication Details]

Jan 13, 2025 - Update (1/16/25): A set of tables detailing various solutions and proposals has been appended to the online version of this report. They are available using the HTML link above. On January 10, 2025, Governor Newsom’s administration presented its proposed state budget to the California Legislature.
https://lao.ca.gov/Publications/Detail/4951

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

Jan 13, 2025 - Update (1/16/25): A set of tables detailing various solutions and proposals has been appended to the online version of this report. They are available using the HTML link above. On January 10, 2025, Governor Newsom’s administration presented its proposed state budget to the California Legislature.
https://lao.ca.gov/Publications/Report/4951/1

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

Jan 13, 2025 - Update (1/16/25): A set of tables detailing various solutions and proposals has been appended to the online version of this report. They are available using the HTML link above. On January 10, 2025, Governor Newsom’s administration presented its proposed state budget to the California Legislature.
https://lao.ca.gov/Publications/Report/4951/2

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

Jan 13, 2025 - Update (1/16/25): A set of tables detailing various solutions and proposals has been appended to the online version of this report. They are available using the HTML link above. On January 10, 2025, Governor Newsom’s administration presented its proposed state budget to the California Legislature.
https://lao.ca.gov/Publications/Report/4951/3