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 State Appropriations Limit

Apr 21, 2021 - The state ’s appropriations subject to the limit fell substantially during the dot ‑com bust in the early 2000s and again during the Great Recession due to the significant decline in state revenues during those downturns.
https://lao.ca.gov/Publications/Report/4416

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

CalFacts 2024 [Publication Details]

Dec 2, 2024 - CalFacts presents a wide range of facts and trends about the state's economy, finances, and programs.
https://lao.ca.gov/Publications/Detail/4942

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 2025-26 Budget: Multiyear Budget Outlook

May 24, 2025 - In some cases, such as K-14 education and Department of Developmental Services, slower growth is primarily due to changes in our underlying assumptions. In others —most notably Medi-Cal —reduced growth mainly reflects the choices in the May Revision.
https://lao.ca.gov/Publications/Report/5052

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

Oct 16, 2023 - Budget Converts Many Higher Education Capital Projects From Cash to Debt Financing. The 2021 ‑22 and 2022 ‑23 budget agreements included significant upfront, non ‑Proposition  98 General Fund cash for certain higher education capital projects.
https://lao.ca.gov/Publications/Report/4788

The 2024-25 Budget: Overview of the Governor's Budget

Jan 13, 2024 - The 2024-25 Budget: Overview of the Governor's Budget $3,135 $4,677 BCH = Secretary for Business, Consumer Services, and Housing Agency; HHAPP = Homeless Housing, Assistance, and Prevention Program; FHC = Family Homelessness Challenge Grants; BSCC  =  Board of State and Community Corrections; CalFire = California Department of Forestry and Fire Protection; CalRecycle = California Department of
https://lao.ca.gov/Publications/Report/4825/1

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

Oct 27, 2021 - Dymally Institute — Regional K ‑16 education collaboratives — Hastings College of the Law California Institute on Law, Neuroscience, and Education — Hastings College of the Law Alternative campus safety program College savings accounts (General Fund share) — CCC Expanded Entitlement Program ‑ base awards — CCC Expanded Entitlement Program ‑ student parent
https://lao.ca.gov/Publications/Report/4448/1