The 2024-25 Budget: Proposition 2 Debt Payment Proposals

Mar 20, 2024 - CalSTRS is the world ’s largest educator ‑only pension system, administering the $315  billion Teachers ’ Retirement Fund for more than 1  million members and beneficiaries (as of June 2023). CalSTRS ’ 12 ‑member Teachers ’ Retirement Board (CalSTRS Board) administers the fund and is constitutionally responsible for overseeing the system ’s investment policies and ensuring that benefit payments are made on time and according to law.
https://lao.ca.gov/Publications/Report/4887

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

Feb 20, 2026 - Our recent revenue post suggests an improvement in revenues of around $5 billion relative to the Governor’s budget estimates. Under the state’s constitutional budget formulas, a revenue increase of this magnitude would translate, very roughly, into a $2.5 billion improvement in the budget bottom line.
https://lao.ca.gov/Publications/Report/5133

The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - As shown in Figure  1 , many signs of an overly exuberant stock market are present today: measures of whether stocks are “expensive ” are at historically high levels, investors are borrowing more to buy stocks, and households are more invested in the stock market than they have been in at least 70  years.
https://lao.ca.gov/Publications/Report/5091

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

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

Jan 12, 2026 - This increases the administration’s estimate of the deficit relative to our forecast, partially offsetting some of the revenue improvement. Even With $42   Billion Revenue Improvement, Budget Only Roughly Balanced.
https://lao.ca.gov/Publications/Report/5101

The 2025-26 Budget: California's Fiscal Outlook

Nov 20, 2024 - It remains to be seen whether this will occur, but there are some conceivable paths toward broader improvements. One path is falling interest rates and expansion of money available for lending and investment.
https://lao.ca.gov/Publications/Report/4939

California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - These firms have invested heavily in building out data centers and on extraordinary pay packages for their key employees. This spending, along with gains to investors, has turbo-charged state income tax receipts.
https://lao.ca.gov/Publications/Report/5104

Rethinking California's Reserve Policy

Apr 10, 2025 - Asset market downturns, like stock market drops or real estate slumps, can also reduce capital gains tax revenue and other investment ‑related income, lowering state revenue. Conversely, revenues can grow quickly in response to economic expansions or run ups in the stock market.
https://lao.ca.gov/Publications/Report/5028

The 2023-24 California Spending Plan: Other Provisions

Nov 8, 2023 - Facility Maintenance and Improvement. The below budget augmentations were approved to support facility maintenance and improvement for Veterans Homes and the CalVet Headquarters. Headquarters Building Electrical Maintenance ($22  Million).
https://lao.ca.gov/Publications/Report/4814

The 2022-23 Budget: Overview of the Spending Plan

Oct 12, 2022 - The spending plan reflects a number of major investments in behavioral health. These investments include roughly $2  billion in General Fund expenditures in 2022 ‑23 approved last year as part of the multiyear Children and Youth Behavioral Health Initiative.
https://lao.ca.gov/Publications/Report/4616