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

Online sports wagering. [Ballot]

Oct 20, 2021 - For example, the measure prohibits the division from placing limits on the ty pe or amount of free bets or promotional credits offered to individuals, as well as from specifying how odds are to be calculated.
https://lao.ca.gov/BallotAnalysis/Initiative/2021-017

Gaming. [Ballot]

Dec 18, 2023 - This percent is applied to the amount of sports wagers made after deducting (1)  any wagers made with free bets or promotional credits (such as a wager made with funds provided by a tribe to a player as a promotion), (2)  all player winnings, and (3)  all federal gaming taxes.
https://lao.ca.gov/BallotAnalysis/Initiative/2023-030

Tribal gaming. [Ballot]

Dec 27, 2021 - This percent is applied to the amount of sports wagers made after deducting (1)  any wagers made with free bets or promotional credits (such as a wager made with funds provided by a tribe to a player as a promotion), (2)  all player winnings, and (3)  all federal gaming taxes.
https://lao.ca.gov/BallotAnalysis/Initiative/2021-039

How Have Past Stock Market Downturns Affected Income Tax Revenue? [EconTax Blog]

Mar 9, 2026 - This dynamic may be especially notable today. The current run-up in stock prices is similarly concentrated in Silicon Valley technology companies, raising the risk of an outsized revenue loss if that market corrects sharply.
https://lao.ca.gov/LAOEconTax/Article/Detail/852

How Have Past Stock Market Downturns Affected Income Tax Revenue? [EconTax Blog]

Mar 9, 2026 - This dynamic may be especially notable today. The current run-up in stock prices is similarly concentrated in Silicon Valley technology companies, raising the risk of an outsized revenue loss if that market corrects sharply.
https://lao.ca.gov/LAOEconTax/article/Detail/852

The 2025-26 Budget: Department of Developmental Services

Mar 5, 2025 - Questions to ask the administration could include: How does the administration plan to weigh recommendations from the Master Plan that might require new spending in comparison to DDS ’s existing spending commitments?
https://lao.ca.gov/Publications/Report/5008

The 2026-27 Budget: California Department of Corrections and Rehabilitation

Feb 23, 2026 - Receiver Has Greater Authority Than Special Master. The establishment of the mental health Receivership led to the dissolution of the Special Master. The Receiver differs from the Special Master in that a Receiver has direct executive authority and acts in place of the Secretary of CDCR in regard to the management of prison mental health.
https://lao.ca.gov/Publications/Report/5137

The 2026-27 Budget: CDTFA’s Cannabis and Tobacco Programs

Feb 23, 2026 - In the case of the Cannabis Tax Program, we note: The administration has not presented any arguments linking the General Fund ’s share of costs to its share of indirect benefits. This is not part of a broad, systematic effort to allocate costs based on indirect benefits.
https://lao.ca.gov/Publications/Report/5132

The 2021-22 Budget: Department of Developmental Services (DDS) May Revision Budget Proposal

May 24, 2021 - While we understand that DDS hopes to link any new RC operations spending to newly designed performance indicators, we also know that caseloads continue to grow, which results in service coordinator caseload ratios being even more out of compliance.
https://lao.ca.gov/Publications/Report/4438