The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - The budget ’s bottom line is the accumulated change in General Fund revenues and spending across the three fiscal years in the budget window —2024 ‑25, 2025 ‑26, and 2026 ‑ 27 —and reflected in the ending balance in the Special Fund for Economic Uncertainties in  2026 ‑27.
https://lao.ca.gov/Publications/Report/5091

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

Jan 12, 2026 - That said, recent budgets have set the SFEU bet ween $3.5  billion and $4.5  billion, so the Governor ’s budget proposal to set the balance to $4.5  billion is generally in line with recent policy.
https://lao.ca.gov/Publications/Report/5101

The 2025-26 Budget: California's Fiscal Outlook

Nov 20, 2024 - This is entirely due to improving income tax collections, which would, under our forecast, end the current year 20  percent higher than two years ago. That being said, the ultimate outcome is highly uncertain.
https://lao.ca.gov/Publications/Report/4939

The 2022-23 Budget: Medi-Cal Fiscal Outlook

Nov 17, 2021 - …Which Likely Will Be Offset Partially by Other Savings Resulting From the End of the PHE Declaration. With the assumed expiration of the enhanced federal funding at the end of March 2022, the continuous coverage requirement also will end.
https://lao.ca.gov/Publications/Report/4474

The 2025-26 Budget: Multiyear Budget Outlook

May 24, 2025 - Other Medi-Cal solutions aim to constrain costs —for instance, increasing pharmacy rebates —and end some forms of additional rate and service payments. One of the other large areas of solutions is in In-Home Supportive Services (IHSS).
https://lao.ca.gov/Publications/Report/5052

The 2023-24 Budget: California's Fiscal Outlook

Nov 16, 2022 - Department of Health and Human Services did not notify states the PHE would end in January. Given the federal administration committed to providing states 60 days ’ notice regarding the end of the public health emergency, the PHE is likely to remain in place after January 2023.
https://lao.ca.gov/Publications/Report/4646

Rethinking California's Reserve Policy

Apr 10, 2025 - The balance of the SFEU is determined by the annual budget act and essentially functions like the ending fund balance of the General Fund. The SFEU is therefore somewhat akin to the year ‑end unallocated surpluses of the 1950s through 1970s.
https://lao.ca.gov/Publications/Report/5028

The 2025-26 Budget: Overview of the Governor's Budget

Jan 13, 2025 - The Governor proposes a $4.5  billion SFEU balance for the end of 2025 ‑26.
https://lao.ca.gov/Publications/Report/4951

The 2022-23 Budget: Multiyear Budget Outlook

May 24, 2022 - As the lefthand side of the figure shows, under these assumptions, the state would end the budget year with $3.3  billion in the Special Fund for Economic Uncertainties (SFEU) —the state ’s discretionary reserve akin to an ending fund balance.
https://lao.ca.gov/Publications/Report/4602

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

May 16, 2022 - The bottom of Figure  1 shows general purpose reserves planned for the end of 2022 ‑23 under the administration ’s estimates and assumptions. Under the Governor ’s May Revision, the state would end 2022 ‑23 with $27.6  billion in general purpose reserves.
https://lao.ca.gov/Publications/Report/4598