The 2026-27 Budget: Cap-and-Invest Expenditure Plan

Feb 10, 2026 - We note that the language of S B  840 indicates that the methodology applies to “moneys in the fund ” and thus does not clearly limit it exclusively to auction revenues. However, the administration indicates that the intent of S B   840 was to apply the methodology only to auction revenues, consistent with historical practice.
https://lao.ca.gov/Publications/Report/5114