California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - After the dot-com bust and the Great Recession, it took four and five years, respectively, for revenues to recover. Incorporating revenue risk into the budget now, therefore, reflects prudence, not pessimism.
https://lao.ca.gov/Publications/Report/5104

The 2026-27 Budget: How to Use One-Time Revenue Improvements

Feb 20, 2026 - Figure 1 The State ’s New Wall of Debt (In Billions)
https://lao.ca.gov/Publications/Report/5133

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

Jan 12, 2026 - Implementing Immigrant Population ‑Related H.R. 1 Policies in Medi ‑Cal. As part of the state ’s required implementation of H.R. 1, the Governor proposes taking two discretionary actions related to immigrants that reduce state costs.
https://lao.ca.gov/Publications/Report/5101