The 2024-25 Budget: California's Fiscal Outlook

Dec 7, 2023 - Estimate of Minimum General Fund Spending Requirement Under Proposition 98 Is Down $21 Billion … Under our outlook, the decline in General Fund revenue reduces the minimum required General Fund spending under Proposition 98 by $21 billion from 2022 ‑23 through 2024 ‑25, which represents a reduction of nearly 38 cents for each dollar of lower revenue.
https://lao.ca.gov/Publications/Report/4819

Rethinking California's Reserve Policy

Apr 10, 2025 - Since 2014, the state has suspended and made withdrawals from the BSA in two years: 2020 ‑21 and 2024 ‑25. In addition, there is a withdrawal planned for 2025 ‑26 under legislative action taken last year.
https://lao.ca.gov/Publications/Report/5028

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

Apr 26, 2021 - Under the state ’s interpretation of the withdrawal rules in the case of a disaster, the state could withdraw any amount from either the optional or mandatory balance in 2020 ‑21. LAO Comments True Up Requirement for 2020 ‑21 Could Be Higher at May Revision.
https://lao.ca.gov/Publications/Report/4418

The 2022-23 Budget: California’s Fiscal Outlook

Nov 17, 2021 - CalSTRS Experienced 27.2 Percent Investment Returns in 2020 ‑21. CalSTRS ’ next actuarial valuation —reflecting 2020 ‑21 investment returns, payroll growth, and other factors impacting CalSTRS ’ unfunded liabilities and required contribution rates —will not be available until the spring of 2022, and CalSTRS will set required contribution rates for 2022 ‑23 at that time.
https://lao.ca.gov/Publications/Report/4472

The 2022-23 California Spending Plan: The State Appropriations Limit

Sep 30, 2022 - The final budget package does not reflect excess revenues across 2020-21 and 2021-22, nor does it include any unaddressed SAL requirements for 2022-23. In particular, as of July 2022, the administration estimates 2020-21 ended with appropriations subject to the limit above the limit by $16  billion.
https://lao.ca.gov/Publications/Report/4631

The 2021-22 Budget: Overview of the Governor's Budget

Jan 10, 2021 - Taxpayers would claim these tax credits and exclusions over a number of years beginning in 2020 ‑21. The Governor ’s budget assumes these proposals would reduce General Fund revenues by $76  million in 2020 ‑21 and $30  million in 2021 ‑22.
https://lao.ca.gov/Publications/Report/4309

The 2021-22 Spending Plan: Other Provisions

Sep 23, 2021 - Those applicants that were placed on the waitlist in the 2020 ‑21 fiscal year will receive priority for these funds. Additional Round of Grants for Nonprofits. Only $22  million of the $50  million that the Legislature set aside for nonprofit arts and cultural institutions was allocated in 2020 ‑21 because the program received too few qualified applications.
https://lao.ca.gov/Publications/Report/4452

The 2021-22 California Spending Plan: The State Appropriations Limit

Aug 30, 2021 - (In this case, across 2020 ‑21 and 2021 ‑22.) May Revision. By the time of the May Revision, estimates of total revenues across the budget window had increased dramatically. Under the administration ’s estimates, the state had $16.2  billion in excess revenues across 2020 ‑21 and 2021 ‑22.
https://lao.ca.gov/Publications/Report/4449

The 2024-25 Budget: Overview of the Spending Plan

Sep 6, 2024 - This includes (1) $45  million from the Prepare California community hardening grant program, (2) $21  million from a gun buyback program, (3) $15  million from the Seismic Retrofitting Program for Soft Story Multifamily Housing, and (4) $12  million from the California Wildfire Mitigation home hardening program.
https://lao.ca.gov/Publications/Report/4922

Flexible Funding to California in the American Rescue Plan

Mar 23, 2021 - The state is not expected to experience a reduction in General Fund revenue in 2020-21 or 2021-22 compared to 2018-19 (the baseline revenue year in the ARP). Specifically, General Fund revenues (excluding constitutional reserve deposits) were $143  billion in 2018-19, while comparable revenues for 2020-21 and 2021-22 currently are estimated to be $158  billion and $161  billion, respectively.
https://lao.ca.gov/Publications/Report/4407