Understanding $100 Billion in Spending Growth: Causes and Fiscal Implications

Apr 28, 2026 - …At a Time of High Inflation. After decades of relatively low inflation, prices for many goods and services began rising rapidly in 2021, reflecting supply chain disruptions and strong demand. Inflation peaked in mid ‑2022 and began to moderate in 2023 as supply conditions improved and the Federal Reserve increased interest rates.
https://lao.ca.gov/Publications/Report/5176

The 2023-24 Budget: Considering Inflation's Effects on State Programs

Nov 16, 2022 - High inflation has resulted in delays as developers have needed to spend more time securing additional capital—above what was originally anticipated—to finance the projects before construction can begin.
https://lao.ca.gov/Publications/Report/4647

The 2025-26 Budget: California's Fiscal Outlook

Nov 20, 2024 - Revenues Run Ahead of Broader Economy State ’s Job Market and Consumer Spending Remain Lackluster … California ’s economy has been in an extended slowdown for the better part of two years, characterized by a soft labor market and weak consumer spending.
https://lao.ca.gov/Publications/Report/4939

The 2024-25 Budget: Overview of the Spending Plan

Sep 6, 2024 - These ongoing increases are partly offset by one‑time base General Fund reductions totaling $200 million in 2024‑25. In a related budget action, the state plans to reduce ongoing base General Fund support for UC and CSU by a total of $774 million in 2025‑26.
https://lao.ca.gov/Publications/Report/4922

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

Oct 16, 2023 - The budget package includes $2.7 billion in one time funds from various state and federal fund sources to support the following: (1) monthly rate supplement payments to providers based on region and number of enrolled children from January 1, 2024 through June 30, 2025; (2) a one-time provider lump-sum transitional payment; (3) a
https://lao.ca.gov/Publications/Report/4788

The 2023-24 California Spending Plan: Other Provisions

Nov 8, 2023 - Along with an overall reduction in the number of projects funded, a large part of the year-to-year difference results from a $4.2  billion appropriation in 2022-23 for the high-speed rail project. Figure  3 shows a summary of projects receiving funding listed by administering department.
https://lao.ca.gov/Publications/Report/4814

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

The 2024-25 California Spending Plan: Other Provisions

Oct 2, 2024 - Senate Bill 108 requires CDT to submit three separate reports regarding the middle-mile network: (1) a biannual report through September 2026 on the number of network miles constructed, leased, and purchased; the project funding encumbered and expended; and the status of last-mile project connections to the middle-mile network; (2) a one-time report on or before
https://lao.ca.gov/Publications/Report/4934

The 2024-25 California Spending Plan: Other Provisions

Oct 2, 2024 - Senate Bill 108 requires CDT to submit three separate reports regarding the middle-mile network: (1) a biannual report through September 2026 on the number of network miles constructed, leased, and purchased; the project funding encumbered and expended; and the status of last-mile project connections to the middle-mile network; (2) a one-time report on or before
https://lao.ca.gov/Publications/Report/4934/

The 2024-25 California Spending Plan: Other Provisions

Oct 2, 2024 - Senate Bill 108 requires CDT to submit three separate reports regarding the middle-mile network: (1) a biannual report through September 2026 on the number of network miles constructed, leased, and purchased; the project funding encumbered and expended; and the status of last-mile project connections to the middle-mile network; (2) a one-time report on or before
https://lao.ca.gov/Publications/Report/4934/governors-office-of-emergency-services