Cap-and-Invest: November 2025 Auction Update and 2026-27 Budget Context

Dec 9, 2025 - In recent years, GGRF has also received about $600  million annually in interest income, which would bring the GGRF balance to a total of about $4  billion under this scenario. This revenue level would be insufficient to fully fund the $4.3  billion in statutory allocations under SB  840, let alone the additional $1.5  billion for activities specified in legislative intent discussed above.
https://lao.ca.gov/Publications/Report/5096

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

Jan 13, 2025 - All Other Spending Lower by $600 Million. Across the rest of the budget, the administration’s estimates of baseline spending (for example, for caseload growth, federal reimbursements, and statutory cost increases) are lower than ours by $600 million.
https://lao.ca.gov/Publications/Report/4951

The 2022-23 Budget: Cap-and-Trade Revenue Update

Apr 29, 2022 - Under those two revenue scenarios, we estimated that total revenue would exceed the Governor’s budget assumptions by $600 million (low scenario) to $2.8 billion (base scenario) over the 2021-22 and 2022-23 fiscal years.
https://lao.ca.gov/Publications/Report/4591

The 2024-25 Budget: Crafting Climate, Resources, and Environmental Budget Solutions

Feb 14, 2024 - Specifically, the agreement planned to dedicate $600  million from discretionary GGRF annually for three years beginning in 2024 ‑25 to backfill General Fund reductions within the ZEV package. As noted above, the Governor ’s proposal maintains these plans and adds an additional out ‑year GGRF commitment of $600  million in 2027 ‑28 resulting from a proposed delay of some planned ZEV package spending.
https://lao.ca.gov/Publications/Report/4841

The 2024-25 Budget: Cap-and-Trade Expenditure Plan

Feb 20, 2024 - The  2023 ‑24 budget package broke with historical practice somewhat by including plans to dedicate a notable share of out ‑year discretionary GGRF revenues for specific purposes rather than deferring that decision to future legislative and administration negotiations, including $600  million annually for three years beginning in 2024 ‑25 to backfill General Fund reductions within the ZEV package.
https://lao.ca.gov/Publications/Report/4847

Frequently Asked Questions About Wildfires in California

Jan 28, 2025 - When fully implemented, we estimate that these already-adopted proposals will increase CalFire ’s base budget for wildfire response by at least another $600  million annually above the estimated 2024-25 level.
https://lao.ca.gov/Publications/Report/4952

The 2022-23 Budget: Clean Energy Package

Feb 22, 2022 - The  Governor ’s budget provides a total of $922.4  million General Fund over two years ($323  million in 2022 ‑23 and $600  million in 2023 ‑24) to CEC for two new residential building decarbonization programs.
https://lao.ca.gov/Publications/Report/4554

The 2022-23 Budget: Cap-and-Trade Expenditure Plan

Jan 25, 2022 - However, even under relatively conservative assumptions, we think total auction revenue will be at least $600  million higher than the Governor ’s budget assumes over the two ‑year period. Under our base revenue scenario (stable allowance prices), which we consider the most likely of our three scenarios, total revenue over the two ‑year period would be $2.8  billion higher than assumed under the Governor ’s budget.
https://lao.ca.gov/Publications/Report/4496

The 2022-23 Budget: Fuel Price and Other Fiscal Relief Options

May 12, 2022 - The administration estimates that the resulting revenue loss to the state in the budget  year would be  up to $600   million. The proposal would backfill the lost revenues from the diesel sales tax that support transit programs with the General  Fund.
https://lao.ca.gov/Publications/Report/4597

Summary of Major 2022 Climate and Energy Legislation

Jan 6, 2023 - Specifically, SB  846 allows the Department of Finance to loan up to $600  million from the General Fund in 2022-23 to a new Diablo Canyon Extension Fund administered by the Department of Water Resources (DWR).
https://lao.ca.gov/Publications/Report/4660