California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - Whereas California’s labor market has stagnated over the last two years, the S&P 500 stock index has appreciated roughly 50 percent over the same period. And most of this increase has come from skyrocketing share prices among a handful of firms associated with innovations in Artificial Intelligence (AI).
https://lao.ca.gov/Publications/Report/5104

The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - The stock market (S &P 500) has risen 50  percent in the last two years. Most of these gains come from the meteoric rise in the value of a handful of tech companies that investors believe will be major beneficiaries of recent advances in AI.
https://lao.ca.gov/Publications/Report/5091

The 2021-22 Budget: Initial Comments on the Governor’s May Revision

May 17, 2021 - We only plan to update this figure for very significant changes (that is, those greater than $500 million). CDPH = California Department of Public Health; COVID ‑19 = coronavirus disease 2019; CHHS = California Health and Human Services Agency; HHS = Health and Human Services; GARE = Government Alliance on Race and Equity; EMSA = Emergency Medical Services Authority; CalAIM =
https://lao.ca.gov/Publications/Report/4432/2

The 2021-22 Budget: Initial Comments on the Governor’s May Revision

May 17, 2021 - We only plan to update this figure for very significant changes (that is, those greater than $500 million). ADRC = Aging and Disability Resources Centers; Cal ‑OAR = CalWORKs Outcomes and Accountability Review; IT = information technology; FFPSA = Federal Family First Prevention Services Act; DCSD = Department of Community Services and Development; DDS = Department of
https://lao.ca.gov/Publications/Report/4432/5

The 2021-22 Budget: Initial Comments on the Governor’s May Revision

May 17, 2021 - We only plan to update this figure for very significant changes (that is, those greater than $500 million). CAC = California Arts Council; CalVet = California Department of Veterans Affairs; CDE = California Department of Education; CDFA = California Department of Food and Agriculture; CDI = California Department of Insurance; CDT = California Department of Technology; SOC =
https://lao.ca.gov/Publications/Report/4432/6

The 2021-22 Budget: Initial Comments on the Governor’s May Revision

May 17, 2021 - We only plan to update this figure for very significant changes (that is, those greater than $500 million). CalEPA = California Environmental Protection Agency; CalFire = California Department of Forestry and Fire Protection; CalRecycle = California Department of Resources Recycling and Recovery; CARB = California Air Resources Board; ZEV = zero ‑emission vehicle; CCC =
https://lao.ca.gov/Publications/Report/4432/7

The 2021-22 Budget: Overview of the Spending Plan (Final Version)

Oct 27, 2021 - Most of the funding will go out as $ 600 o ne ‑time payments to taxpayers with incomes below $75,000 (taxpayers with dependents will receive an additional $ 500 p ayment). The remainder will go out as $ 500 o ne ‑time payments to taxpayers with incomes less than $75,000 who file using an Individual Taxpayer Identification Number.
https://lao.ca.gov/Publications/Report/4448

The 2021-22 Spending Plan: Other Provisions

Sep 23, 2021 - Most of the funding will go out in the form of $600 one-time payments to taxpayers with adjusted gross income below $75,000 (taxpayers with dependents will receive an additional $500 payment). The remainder will go out in the form of a $500 one-time payment to undocumented taxpayers with incomes less than $75,000 who file using an Individual Taxpayer Identif ication Number.
https://lao.ca.gov/Publications/Report/4452

The 2021-22 Budget: Initial Comments on the Governor’s May Revision

May 17, 2021 - The largest proposals include $500  million for Golden State teacher grants and a $500  million endowment for learning-aligned employment. Reserves and Debt $11  Billion in Constitutional Reserve and Debt Requirements.
https://lao.ca.gov/Publications/Report/4432

The 2024-25 Budget: Overview of the Governor's Budget

Jan 13, 2024 - The largest include: a nearly $800 million reduction to state departments’ operation budgets, proposed to be allocated through departments’ vacancy rates; about $500 million in savings to continue an existing two‑week delay in Medi‑Cal payments; a $500 million reduction to the school facilities aid program; and a $350 million reduction to legislative district projects.
https://lao.ca.gov/Publications/Report/4825