The 2023-24 Budget: Multiyear Budget Outlook

May 23, 2023 - We discuss our economic and revenue outlook in greater detail here: The 2023‑24 Budget: May Revenue Outlook . Lower revenues result in a larger budget problem. Lower Constitutional Requirements. Coupled with our lower revenue estimates, we  also estimate that spending on constitutional requirements is correspondingly lower by $4.8  billion.
https://lao.ca.gov/Publications/Report/4772

The 2023-24 Budget: Considering Inflation's Effects on State Programs

Nov 16, 2022 - The outlook for inflation in the coming years is highly uncertain. The Federal Reserve —tasked with maintaining stable price growth —has started to take actions to slow inflation by cooling the economy.
https://lao.ca.gov/Publications/Report/4647

Fixing Unemployment Insurance

Dec 2, 2024 - This outlook is unprecedented: although the state has, in the past, failed to build robust reserves during periods of economic growth, it has never before run persistent deficits during one of these periods.
https://lao.ca.gov/Publications/Report/4943

Evaluation of a Tax Exemption for Zero-Emission Buses

Apr 15, 2024 - As described in our December 2023 Fiscal Outlook and our January 2024 Overview of the Governor ’s Budget , we project ongoing General Fund operating deficits of roughly $30  billion per year. These deficits likely necessitate ongoing spending reductions, revenue increases, or both.
https://lao.ca.gov/Publications/Report/4890

Evaluating State Economic Stimulus Proposals

Feb 1, 2021 - Considerations Specific to the COVID‑19 Pandemic In our recent report, The 2021‑22 Budget: California’s Fiscal Outlook , we forecast that the state will begin the 2021‑22 fiscal year with a one‑time surplus of about $26 billion.
https://lao.ca.gov/Publications/Report/4331