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

Jan 12, 2026 - First, after four years of projected deficits and a cumulative total of $125  billion in budget problems solved so far, the state ’s negative fiscal situation is now chronic. Second, structural deficits have grown —our November outlook is the most negative forecast of the budget ’s position since the pandemic.
https://lao.ca.gov/Publications/Report/5101

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

May 17, 2024 - As the Legislature enters the final phase of budget deliberations, we suggest four key areas of consideration. First, given the significant decline in prior-year revenues, the Legislature will need to decide how to address prior-year funding for schools and community colleges.
https://lao.ca.gov/Publications/Report/4902

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

Apr 19, 2023 - A final complication is the state ’s conformity to the federal Internal Revenue Service rule change that, as a response to the January floods, delayed the 2022 tax filing deadline to October from April.
https://lao.ca.gov/Publications/Report/4762

The 2025-26 Budget: Overview of the Spending Plan

Oct 16, 2025 - The state will finalize its calculation of this obligation in May  2026. (In January and May, we had categorized settle up as a spending delay, but upon further deliberation, we view this action as borrowing.)
https://lao.ca.gov/Publications/Report/5079

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: Overview of the Spending Plan

Oct 12, 2022 - These funds supplement existing funds from Proposition 51, the state school bond approved by voters in 2016. (Funding from Proposition 51 will likely be exhausted in 2022‑23.) The remaining $100 million is for schools to construct or renovate State Preschool, transitional kindergarten, and full‑day kindergarten classrooms.
https://lao.ca.gov/Publications/Report/4616

The 2024-25 Budget: Overview of the Spending Plan

Sep 6, 2024 - Update (10/2/24): Figure 8 has been updated for final actions.
https://lao.ca.gov/Publications/Report/4922/3

The 2024-25 Budget: Overview of the Spending Plan

Sep 6, 2024 - Update (10/2/24): Figure 8 has been updated for final actions.
https://lao.ca.gov/Publications/Report/4922/2

The 2024-25 Budget: Overview of the Spending Plan

Sep 6, 2024 - Update (10/2/24): Figure 8 has been updated for final actions.
https://lao.ca.gov/Publications/Report/4922/1

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

Oct 16, 2023 - This includes $4  billion from the General Fund over a two ‑year period (including $2  billion in 2023 ‑24) for the Transit and Intercity Rail Capital Program and $1.1  billion over a four ‑year period (including $410  million in 2023 ‑24) from the GGRF and the Public Transportation Account for the new Zero ‑Emission Transit Capital Program.
https://lao.ca.gov/Publications/Report/4788