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 2023-24 Budget: State Appropriations Limit Estimates

Feb 1, 2023 - Specifically, while the state might have more room in years when revenue growth is lower than historical averages—such as this year—over the long term, we expect the state to continue to reach the limit.
https://lao.ca.gov/Publications/Report/4667

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

Jan 13, 2025 - The state constitution has a balanced budget requirement, which means the balance of the SFEU must be set above zero for the upcoming fiscal year. Any level above zero is up to the discretion of the Legislature.
https://lao.ca.gov/Publications/Report/4951

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

Jan 12, 2026 - The State Constitution has a balanced budget requirement, which means the balance of the SFEU must be set above zero for the upcoming fiscal year. Any level above that is up to the discretion of the Legislature.
https://lao.ca.gov/Publications/Report/5101

The 2022-23 Budget: Initial Comments on the Governor's May Revision

May 16, 2022 - Proposition   98 Reserve Reaches $9.5   Billion. In addition, the Proposition  98 Reserve, which is dedicated to school and community college spending, would reach $9.5  billion under the Governor ’s May Revision.
https://lao.ca.gov/Publications/Report/4598

Rethinking California's Reserve Policy

Apr 10, 2025 - Options to Reach This Higher Threshold If the cap is raised substantially—ideally to 50 percent by 2055—the state would also need to set aside more in reserve deposits to dependably reach this higher amount.
https://lao.ca.gov/Publications/Report/5028

The 2021-22 Budget: The Governor’s Proposition 2 Proposals

Apr 26, 2021 - The Legislature can set the optional withdrawal at any level between zero and $3.1  billion. Debt Payments Background Proposition2 Payments Must Be Dedicated to Certain Eligible Uses. Proposition  2 requires the state to spend a minimum amount each year to pay down specified debts through 2029 ‑30.
https://lao.ca.gov/Publications/Report/4418

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

Oct 27, 2021 - CalAIM is a far‑reaching set of reforms with a variety of goals. To support the first half‑year of CalAIM implementation, the spending plan dedicates $664 million General Fund ($1.1 billion total funds) in 2021‑22.
https://lao.ca.gov/Publications/Report/4448

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

Jan 13, 2024 - The 2024-25 Budget: Overview of the Governor's Budget $3,135 $4,677 BCH = Secretary for Business, Consumer Services, and Housing Agency; HHAPP = Homeless Housing, Assistance, and Prevention Program; FHC = Family Homelessness Challenge Grants; BSCC  =  Board of State and Community Corrections; CalFire = California Department of Forestry and Fire Protection; CalRecycle = California Department of
https://lao.ca.gov/Publications/Report/4825/1