The 2020-21 Budget: California's Fiscal Outlook

Nov 20, 2019 - We find the state has: Ongoing Surplus of $3   Billion Under Baseline Expenditure Scenario. In our baseline expenditure scenario, we find the state has an ongoing surplus of around $ 3  b illion. Importantly, this scenario assumes the federal government approves the managed care organization (MCO) tax and the state faces no major disasters over the next few years.
https://lao.ca.gov/Publications/Report/4111

The 2020-21 Budget: California's Fiscal Outlook [Publication Details]

Nov 20, 2019 - The 2020-21 Budget: California's Fiscal Outlook [Publication Details] The 2020-21 Budget: California's Fiscal Outlook Format: HTML Description: The annual Fiscal Outlook publication gives our office’s independent assessment of the California state budget condition for the upcoming fiscal year and over the longer term.
https://lao.ca.gov/Publications/Detail/4111

The 2019-20 Budget: Overview of the California Spending Plan (Final Version) [Publication Details]

Oct 17, 2019 - Each year, our office publishes California Spending Plan, which summarizes the annual state budget. In July, we published a preliminary version of the report. This, the final version, provides an overview of the 2019‑20 Budget Act, then highlights major features of the budget approved by the Legislature and signed by the Governor.
https://lao.ca.gov/Publications/Detail/4083

The 2019-20 Budget: Overview of the California Spending Plan (Final Version)

Oct 17, 2019 - Teachers, administrators, and other certified employees of school districts earn pension benefits from the California State Teachers ’ Retirement System (CalSTRS). Other school district employees, such as clerical staff, also earn pension benefits administered by CalPERS.
https://lao.ca.gov/Publications/Report/4083

The 2019-20 Budget: California Spending Plan—Debt Liabilities

Oct 17, 2019 - Pensions. Between the two pension systems, the state ’s pension unfunded liabilities are estimated to total $93.1  billion ($59.7  billion at CalPERS for state employee pensions and $33.4  billion at CalSTRS for teachers ’ pensions).
https://lao.ca.gov/Publications/Report/4106

Managing California’s Cash [Publication Details]

Sep 3, 2019 - Given that the state's cash position will inevitably change in the future, we suggest the Legislature be cautious about approving additional proposals to make loans from the state's cash resources. Assessing a proposed loan using the criteria in this report may help determine whether its benefits exceed its costs.
https://lao.ca.gov/Publications/Detail/4092

Managing California’s Cash

Sep 3, 2019 - Over the next few decades, funds that pay pension costs accrue benefits through lower employer contributions costs relative to what they would be otherwise. Finally, funds that accrue these benefits are to repay the loan to the PMIA with interest.
https://lao.ca.gov/Publications/Report/4092

The Quiet Transformation in California’s Cash Management

Aug 29, 2019 - The way it works is the state borrows the funds necessary to pay for its operations early in the fiscal year, when its net cash flows are negative. Later in May or June, after the bulk of state personal income tax payments are remitted in April and net cash flows turn positive, the state repays the loan.
https://lao.ca.gov/Publications/Report/4091

Amid Good Fiscal Times, Planning for the Future Is Crucial

May 21, 2019 - The idea here is that in good times —when revenues are strong —the state spends somewhat below its capacity, sequestering the difference in reserves. Later, when the economy and tax receipts weaken, the state can draw upon its accumulated savings to fund a spending level above what revenues would otherwise support.
https://lao.ca.gov/Publications/Report/4051

Amid Good Fiscal Times, Planning for the Future Is Crucial [Publication Details]

May 21, 2019 - The idea here is that in good times—when revenues are strong—the state spends somewhat below its capacity, sequestering the difference in reserves. Later, when the economy and tax receipts weaken, the state can draw upon its accumulated savings to fund a spending level above what revenues would otherwise support.
https://lao.ca.gov/Publications/Detail/4051