The 2025-26 Budget: Overview of the Spending Plan

Oct 16, 2025 - Importantly, these budget solutions also included a planned withdrawal from the state ’s rainy ‑day fund, the Budget Stabilization Account (BSA), of $7.1  billion. The June 2025 spending plan maintains these actions, including the reserve withdrawal.
https://lao.ca.gov/Publications/Report/5079

California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - Moreover, these deficit estimates do not account for a downturn. Were the markets to drop considerably, budget problems would be tens of billions of dollars larger, necessitating even deeper cuts and/or tax increases.
https://lao.ca.gov/Publications/Report/5104

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

Nov 15, 2024 - The added complexity from the alternative revenue estimates making this possible is a worthwhile price to pay. Reaffirming the LAO ’s Independent Mandate The LAO was established in 1941 because the Legislature sought an independent source of information and analysis —one directly accountable to it and serving as a fiscal watchdog on its behalf.
https://lao.ca.gov/Publications/Report/4938

Overview of Major Impacts of H.R. 1 – One Big Beautiful Bill Act [Publication Details]

Aug 20, 2025 - Overview of Major Impacts of H.R. 1 – One Big Beautiful Bill Act [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/5067

Rethinking California’s Reserve Policy (Panel 2) [Publication Details]

May 7, 2025 - Rethinking California’s Reserve Policy (Panel 2) [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/5041

Reserves, Proposition 2, and the Budget Stabilization Account (Panel 1) [Publication Details]

May 7, 2025 - Reserves, Proposition 2, and the Budget Stabilization Account (Panel 1) [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/5040

The 2026-27 Budget: How to Use One-Time Revenue Improvements [Publication Details]

Feb 20, 2026 - The 2026-27 Budget: How to Use One-Time Revenue Improvements [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/5133

Revenue Volatility and California’s Reserve Policy [Publication Details]

Feb 18, 2026 - Revenue Volatility and California’s Reserve Policy [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/5125

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

California’s Strong Revenue Trends Mask Looming Budget Risk [Publication Details]

Jan 23, 2026 - California’s Strong Revenue Trends Mask Looming Budget Risk [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/5104