The 2024-25 Budget: Initial Comments on the Governor’s May Revision

May 17, 2024 - The information presented in this brief is based on our understanding of the administration ’s proposals as of May 14, 2024. In many areas, our understanding of the proposals will continue to evolve.
https://lao.ca.gov/Publications/Report/4902

The 2026-27 Budget: How to Use One-Time Revenue Improvements

Feb 20, 2026 - For example, we recommend the Legislature: Do Not Suspend the $3  Billion True Up Into the Budget Stabilization Account (BSA). The Governor ’s budget proposes suspending a roughly $3  billion true-up deposit that otherwise would be required in 2025-26.
https://lao.ca.gov/Publications/Report/5133

The 2025-26 Budget: Initial Comments on the Governor's May Revision

May 17, 2025 - The May Revision reduces planned base cuts from 7.95  percent, as agreed to in last year ’s budget, to 3  percent. This change increases ongoing General Fund costs by $267  million for UC and $231  million for CSU.
https://lao.ca.gov/Publications/Report/5044

The 2023-24 California Spending Plan: Other Provisions

Nov 8, 2023 - Figure 3
https://lao.ca.gov/Publications/Report/4814

The 2023-24 Budget: Overview of the Spending Plan (Final Version)

Oct 16, 2023 - The budget also reflects a $92  million reduction primarily from the General Fund in 2023 ‑24 (generally growing to $96  million annually beginning in 2025 ‑26) to reflect the closure of the Division of Juvenile Justice (DJJ) and resulting deactivation of three of its facilities.
https://lao.ca.gov/Publications/Report/4788

California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - The current discrepancy over the size of the state ’s budget deficit —$18  billion under the Legislative Analyst ’s Office estimate versus $3  billion in the Governor ’s budget —fits squarely within that pattern.
https://lao.ca.gov/Publications/Report/5104

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

Jan 12, 2026 - The administration projects the budget faces a roughly $3  billion deficit. This is lower than our November Fiscal Outlook estimate of an $18  billion deficit, for two offsetting reasons. First, and most importantly, the administration ’s revenue estimate is considerably higher than ours because it does not incorporate the strong risk of a stock market downturn.
https://lao.ca.gov/Publications/Report/5101

The 2025-26 Budget: Multiyear Budget Outlook

May 24, 2025 - Figure  3 provides a broader perspective on changes in long-term spending across major programs —largely reflecting the May Revision ’s ongoing solutions. (However, the figure also captures the effects of updated assumptions and estimates.)
https://lao.ca.gov/Publications/Report/5052

Rethinking California's Reserve Policy

Apr 10, 2025 - The fund initially received a balance of $75  million, representing about 14  percent of the budget at the time. The $75  million balance remained until it was withdrawn roughly a decade later. In this period, state surpluses also varied widely, as shown on the left side of Figure  3.
https://lao.ca.gov/Publications/Report/5028

The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - Figure 3 General Fund Condition Under Fiscal Outlook (In Millions)
https://lao.ca.gov/Publications/Report/5091