California's Legislative Analyst's Office and the Value of Independence

Nov 15, 2024 - As such, our independent fiscal assessment underlies the Legislature ’s ability to assert an informed check on the executive branch, making any added complexity from diverging estimates a worthwhile trade-off.
https://lao.ca.gov/Publications/Report/4938

California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - The added risk variable weighs on the range of revenue outcomes that we view as most plausible. The middle of the range, which becomes our main revenue forecast, is thus lower than if we did not include the stock market risk indicator.
https://lao.ca.gov/Publications/Report/5104

The 2025-26 Budget: Overview of the Spending Plan

Oct 16, 2025 - During the special session, the Legislature added Control Sections 90.00 and 90.01 to the 2024 ‑25 Budget Act providing up to $2.5  billion one ‑time for response and recovery costs related to the January 2025 Southern California wildfires.
https://lao.ca.gov/Publications/Report/5079

The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - This year, for example, our outlook reflects our best estimates of the effects of H.R. 1: One Big Beautiful Bill Act on the state budget but does not make assumptions about future federal policy changes.
https://lao.ca.gov/Publications/Report/5091

Rethinking California's Reserve Policy

Apr 10, 2025 - This share is determined by a complex set of formulas that can lower excess capital gains by anywhere from 0 percent to 100 percent, although reductions around 30 percent have been the most common to date.
https://lao.ca.gov/Publications/Report/5028

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

May 17, 2021 - The 2021-22 Budget: Initial Comments on the Governor’s May Revision $1,137 $465 Note: This reflects our best understanding as of May 15, 2021; however, we are still receiving information from the administration about these proposals.
https://lao.ca.gov/Publications/Report/4432/2

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

May 17, 2021 - The 2021-22 Budget: Initial Comments on the Governor’s May Revision $2,099 $510 Note: This reflects our best understanding as of May 15, 2021; however, we are still receiving information from the administration about these proposals.
https://lao.ca.gov/Publications/Report/4432/5

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

May 17, 2021 - The 2021-22 Budget: Initial Comments on the Governor’s May Revision $ 2,990 $217 Note: This reflects our best understanding as of May 15, 2021; however, we are still receiving information from the administration about these proposals.
https://lao.ca.gov/Publications/Report/4432/6

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

May 17, 2021 - The 2021-22 Budget: Initial Comments on the Governor’s May Revision $7,246.0 $157.1 Note: This reflects our best understanding as of May 15, 2021; however, we are still receiving information from the administration about these proposals.
https://lao.ca.gov/Publications/Report/4432/7