COVID-19 and California’s Evolving Fiscal Outlook

Mar 18, 2020 - Aided by monetary and (federal) fiscal stimulus, broad-based demand would rebound, contributing to a V ‑shaped recovery, in which activity recovers nearly as quickly as it fell. In a more pessimistic scenario, economic activity would remain depressed for longer, compounded by dislocated supply chains and reduced lending caused by elevated risk aversion in credit markets.
https://lao.ca.gov/Publications/Report/4203

The 2020-21 Budget: Structuring the Budget

Feb 10, 2020 - Proposition  2 (201 4) a ims to insulate the budget from revenue declines in several ways. In particular, it sets aside monies —including from capital gains, one of the most volatile components of state revenues —and dedicates them to budget reserves and debt payments.
https://lao.ca.gov/Publications/Report/4150