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

Jan 12, 2026 - Finally, deficits have persisted even as the state ’s economy and revenues have grown, underscoring that the problem is structural rather than cyclical. Taken together, these trends raise serious concerns about the state ’s fiscal sustainability.
https://lao.ca.gov/Publications/Report/5101

The 2025-26 Budget: Overview of the Spending Plan

Oct 16, 2025 - The state will finalize its calculation of this obligation in May  2026. (In January and May, we had categorized settle up as a spending delay, but upon further deliberation, we view this action as borrowing.)
https://lao.ca.gov/Publications/Report/5079

The 2024-25 Budget: Overview of the Spending Plan

Sep 6, 2024 - Update (10/2/24): Figure 8 has been updated for final actions.
https://lao.ca.gov/Publications/Report/4922/3

The 2024-25 Budget: Overview of the Spending Plan

Sep 6, 2024 - Update (10/2/24): Figure 8 has been updated for final actions.
https://lao.ca.gov/Publications/Report/4922/2

The 2024-25 Budget: Overview of the Spending Plan

Sep 6, 2024 - Update (10/2/24): Figure 8 has been updated for final actions.
https://lao.ca.gov/Publications/Report/4922/1

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

Jan 13, 2025 - Finally, the Governor sets the balance of the Special Fund for Economic Uncertainties to $4.5   billion —somewhat higher than the level enacted by recent budgets. Revenue Estimates Reasonable, but Risks Must Be Kept in Focus.
https://lao.ca.gov/Publications/Report/4951

The 2025-26 Budget: Initial Comments on the Governor's May Revision

May 17, 2025 - Finally, although we have not previously recommended the Leg islature take decisive action to address the structural deficits, the state ’s persistent fiscal imbalance and the added downside risks —particularly from potential federal actions —suggest a need for a more proactive approach.
https://lao.ca.gov/Publications/Report/5044

The 2024-25 Budget: Overview of the Spending Plan

Sep 6, 2024 - Finally, it maintains the remaining OPR programs in the newly renamed Governor ’s Office of Climate and Land Use Innovation. The budget does not include additional funding to implement these changes.
https://lao.ca.gov/Publications/Report/4922

Rethinking California's Reserve Policy

Apr 10, 2025 - Finally, the state has used other tools like deferrals, which uses a principle similar to borrowing to help smooth school spending through downturns. This Report Does Not Address Reserve Policy for Schools.
https://lao.ca.gov/Publications/Report/5028

The 2023-24 Budget: Overview of the Spending Plan (Final Version)

Oct 16, 2023 - The 2023-24 Budget: Overview of the Spending Plan (Final Version) Translate Our Website This Google ™ translation feature provided on the Legislative Analyst's Office (LAO) website is for informational purposes only.
https://lao.ca.gov/Publications/Report/4788/3