California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - After the dot-com bust and the Great Recession, it took four and five years, respectively, for revenues to recover. Incorporating revenue risk into the budget now, therefore, reflects prudence, not pessimism.
https://lao.ca.gov/Publications/Report/5104

The 2022-23 Budget: Initial Comments on the Governor's May Revision

May 16, 2022 - Reflecting these unprecedented collections, the May Revision assumes revenues (excluding Budget Stabilization Account [BSA] transfers) will be $57  billion higher than the Governor ’s budget over the budget window.
https://lao.ca.gov/Publications/Report/4598

The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - For California, the dot ‑com era —when stocks rose and then fell precipitously in response to widespread adoption of the internet —offers the most salient example. The internet has proven to be a transformative technology and, yet, the stock market ’s initial reaction was clearly overly exuberant.
https://lao.ca.gov/Publications/Report/5091

The 2023-24 California Spending Plan: Other Provisions

Nov 8, 2023 - Additionally, Chapter  57 specifies that transportation funding is presumed to provide adequate funding for the long-term maintenance of a habitat connectivity or wildlife corridor structure on the state highway system.
https://lao.ca.gov/Publications/Report/4814

The 2022-23 Budget: Overview of the Spending Plan

Oct 12, 2022 - The spending plan provides $88.3  million General Fund (of which $57 million is for direct assistance to counties) to the Department of Health Care Services, the California Health and Human Services Agency, and the Judicial Branch for the implementation of the CARE Act in 2022 ‑23.
https://lao.ca.gov/Publications/Report/4616

The 2021-22 Spending Plan: Other Provisions

Sep 23, 2021 - The second two —Control Sections 19.56 and 19. 57 —provide appropriations for a variety of legislative priorities. COVID-19 Spending and Control Section 11.91 The 2021 ‑22 Budget Act provides $1.7  billion one time from the General Fund for coronavirus disease 2019 (COVID-19)-related activities.
https://lao.ca.gov/Publications/Report/4452

Whether or Not to Tap Reserves to Solve Estimated Budget Problem Emerges as Key Fiscal Decision Facing California’s Legislature

Apr 19, 2023 - Other downturns, such as the 2001 so-called dot-com recession, had severe fiscal implications while inflicting somewhat milder economic damage. The 2008 Great Recession had brutal effects on both the state ’s economy and budget.
https://lao.ca.gov/Publications/Report/4762

The 2021-22 Budget: Overview of the Spending Plan (Final Version)

Oct 27, 2021 - Control Section 19. 57 i ncludes $ 329 m illion in program augmentations for a variety of purposes, including research and educational  programs. Agriculture Package. The budget includes $ 445 m illion from the General Fund on a one ‑time basis in 2021 ‑22 (and an additional $ 425 m illion in 2022 ‑2 3) f or various activities related to the agricultural sector in California.
https://lao.ca.gov/Publications/Report/4448

Rethinking California's Reserve Policy

Apr 10, 2025 - In March of 2004, on the heels of the dot ‑com bust, voters passed Proposition  58, which created the Budget Stabilization Account (BSA). In the 2006 ‑07 budget, the Legislature deposited $472  million into the BSA and in 2007 ‑08 deposited $1.5  billion.
https://lao.ca.gov/Publications/Report/5028

The 2023-24 Budget: Multiyear Assessment

Feb 15, 2023 - Three of those —the recession in the early 1990s, the dot ‑com bust in the early 2000s, and the Great Recession —resulted in large revenue shortfalls and ensuing multiyear deficits, even for some years after each recession ended.
https://lao.ca.gov/Publications/Report/4687