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

Mar 9, 2026 - By most measures, the global financial crisis was more severe than the dot-com crash. The state 's unemployment rate, for example, peaked at 7 percent following the dot-com crash but reached nearly double that during the financial crisis and remained elevated for much longer.
https://lao.ca.gov/LAOEconTax/Article/Detail/852

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

Mar 9, 2026 - By most measures, the global financial crisis was more severe than the dot-com crash. The state 's unemployment rate, for example, peaked at 7 percent following the dot-com crash but reached nearly double that during the financial crisis and remained elevated for much longer.
https://lao.ca.gov/LAOEconTax/article/Detail/852

What Do Unanticipated Revenues Mean for the Surplus? [EconTax Blog]

Sep 20, 2021 - The surplus can also be higher or lower depending on: federal spending and federal reimbursements, for example, for disaster costs; caseload-driven costs, for example in health and human services programs; other price and utilization costs, for example pharmaceutical cos ts; and other operational costs, like spending to maintain health and safety on state property.
https://lao.ca.gov/LAOEconTax/Article/Detail/697

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

Personal finance education. [Ballot]

Oct 25, 2023 - Cos ts of instructional materials in the out-years could potentially be offset by a reduction in costs for instructional materials previously provided for other, elective courses that may be reduced or eliminated depending on implementation choices.
https://lao.ca.gov/BallotAnalysis/Initiative/2023-022

The 2025-26 Budget: University of California

Feb 27, 2025 - This approach increased annual state debt service cos ts for UC facilities by $105  million. In 2024 ‑25, UC estimates its total debt service costs are further increasing by $8  million (2  percent), altogether reaching $469  million.
https://lao.ca.gov/Publications/Report/4998

Oversight of certain public benefit artificial intelligence (AI) companies. [Ballot]

Jan 20, 2026 - The measure would have the following major fiscal effects: Increased state costs that would likely be in the tens of millions of dollars annually to establish and operate a new regulatory commission overseeing certain public benefit AI com panies.
https://lao.ca.gov/BallotAnalysis/Initiative/2025-033

Managed care organization tax. [Ballot]

Oct 27, 2023 - Also in both approaches, remaining proceeds would be used to offset General Fund cos ts in Medi-Cal and expand support for Medi-Cal and other health programs. For example, the measure would provide funds to increase payments for certain groups of providers in Medi- Cal.
https://lao.ca.gov/BallotAnalysis/Initiative/2023-024

Considering Medi-Cal in the Midst of a Changing Fiscal and Policy Landscape

Oct 24, 2025 - With the federal legislation now finalized and the state already projected to have ongoing deficits, the Legislature likely cannot cover all of these cos ts from existing General Fund resources while maintaining the current level of service in the Medi ‑Cal program.
https://lao.ca.gov/Publications/Report/5083

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