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 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 2025-26 Budget: California's Fiscal Outlook

Nov 20, 2024 - The 2025-26 Budget: California's Fiscal Outlook Executive Summary The Fiscal Outlook gives the Legislature our independent estimates and analysis of the state ’s budget condition for the 2025 ‑26 budget process.
https://lao.ca.gov/Publications/Report/4939

California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - As we described in our November Fiscal Outlook , the recent stronger-than-expected revenue trends are almost entirely explained by the personal income tax (PIT), which has seen double digit growth this year.
https://lao.ca.gov/Publications/Report/5104

The 2022-23 Budget: Medi-Cal Fiscal Outlook

Nov 17, 2021 - The 2022-23 Budget: Medi-Cal Fiscal Outlook The 2022‑23 Budget Medi ‑Cal Fiscal Outlook This post describes our fiscal outlook for Medi ‑Cal, the major factors that we expect to drive changes in General Fund spending in Medi ‑Cal, and a number of our key underlying assumptions.
https://lao.ca.gov/Publications/Report/4474

Despite Fiscal Forecasting Uncertainties, Multiyear Budget Planning Essential

May 27, 2021 - Despite Fiscal Forecasting Uncertainties, Multiyear Budget Planning Essential May 27, 2021 Tweet Gabriel PetekLegislative Analyst Our office recently released its multiyear budget outlook based on our evaluation of the Governor’s May Revision budget proposal.
https://lao.ca.gov/Publications/Report/4443

The 2022-23 Budget: Fiscal Outlook for Schools and Community Colleges

Nov 17, 2021 - For 2021 ‑22, our outlook assumes average daily attendance will be down about 170,000 students (3 percent) relative to the pre ‑pandemic level of 5,897,000. Over the following four years, our outlook accounts for three trends affecting attendance.
https://lao.ca.gov/Publications/Report/4473

The 2025-26 Budget: Multiyear Budget Outlook

May 24, 2025 - The 2025-26 Budget: Multiyear Budget Outlook Multiyear Budget Outlook Summary This analysis presents our assessment of the budget ’s condition under our revenue forecast and spending estimates of the Governor ’s May Revision spending proposals.
https://lao.ca.gov/Publications/Report/5052

The 2026-27 Budget: California's Fiscal Outlook [Publication Details]

Nov 19, 2025 - The 2026-27 Budget: California's Fiscal Outlook [Publication Details] 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/Detail/5091

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

Jan 12, 2026 - The administration ’s assessment that recent gains will continue differs from our Fiscal Outlook , which, in contrast, reflects an assessment that recent gains are unlikely to be sustainable as they are tied to an overheated stock market.
https://lao.ca.gov/Publications/Report/5101