How Have Past Stock Market Downturns Affected Income Tax Revenue? [EconTax Blog]

Mar 9, 2026 - By most measures, the global financial crisis was more severe than the dot-com crash. The state 's unemployment rate, for example, peaked at 7 percent following the dot-com crash but reached nearly double that during the financial crisis and remained elevated for much longer.
https://lao.ca.gov/LAOEconTax/Article/Detail/852

How Have Past Stock Market Downturns Affected Income Tax Revenue? [EconTax Blog]

Mar 9, 2026 - By most measures, the global financial crisis was more severe than the dot-com crash. The state 's unemployment rate, for example, peaked at 7 percent following the dot-com crash but reached nearly double that during the financial crisis and remained elevated for much longer.
https://lao.ca.gov/LAOEconTax/article/Detail/852

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

Oversight of certain public benefit artificial intelligence (AI) companies. [Ballot]

Jan 20, 2026 - The measure would have the following major fiscal effects: Increased state costs that would likely be in the tens of millions of dollars annually to establish and operate a new regulatory commission overseeing certain public benefit AI com panies.
https://lao.ca.gov/BallotAnalysis/Initiative/2025-033

MOU Fiscal Analysis: Bargaining Unit 6 (Corrections)

Jun 23, 2025 - However, average real base pay remains 6 percent higher than it was in 2003 when the state last experienced significant challenges recruiting correctional officers. Vacancy Rates Seem Within the Range of Normal for Unit 6.
https://lao.ca.gov/Publications/Report/5058

The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - For California, the dot ‑com era —when stocks rose and then fell precipitously in response to widespread adoption of the internet —offers the most salient example. The internet has proven to be a transformative technology and, yet, the stock market ’s initial reaction was clearly overly exuberant.
https://lao.ca.gov/Publications/Report/5091

The 2024-25 Budget: Salton Sea Management Program

Feb 26, 2024 - Despite 15 years to plan between the QSA in 2003 and the end of the temporary inflow to the Sea in December 2017, the state did not implement any major management projects at the Salton Sea during that time.
https://lao.ca.gov/Publications/Report/4859

The Bay-Delta Plan and Voluntary Agreements: Ensuring Effective Legislative Oversight

Mar 18, 2026 - Some notable examples of previous VAs include: (1)  the Quantification Settlement Agreement , adopted in 2003 to address longstanding disputes over Colorado River water rights and to reduce use of Colorado River water in California; (2)  the San Joaquin River Restoration Settlement , agreed to in 2006 following an 18 ‑year legal dispute, with the goal of restoring fish
https://lao.ca.gov/Publications/Report/5163

MOU Fiscal Analysis: Bargaining Unit 12 (Craft and Maintenance)

Jun 27, 2025 - Furloughs have been used in nine fiscal years since 1992 (1992-93, 1993-94, 2003-04, 2008-09 through 2012-13, and 2020-21). Typically, a furlough for state employees reduces state employee pay by 4.62  percent in exchange for one day (eight hours) off per month without affecting other elements of compensation (for example, pension and health benefits).
https://lao.ca.gov/Publications/Report/5060

MOU Fiscal Analysis: Bargaining Unit 9 (Professional Engineers)

Jun 27, 2025 - Furloughs have been used in nine fiscal years since 1992 (1992-93, 1993-94, 2003-04, 2008-09 through 2012-13, and 2020-21). Typically, a furlough for state employees reduces state employee pay by 4.62  percent in exchange for one day (eight hours) off per month without affecting other elements of compensation (for example, pension and health benefits).
https://lao.ca.gov/Publications/Report/5061