Tribal gaming. [Ballot]

Dec 27, 2021 - This is because a federal court previously determined that the payments required by certain tribal-state com pacts into the state ’s General Fund for use at the state ’s discretion generally were an illegal tax prohibited under federal law.
https://lao.ca.gov/BallotAnalysis/Initiative/2021-039

The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - This is because constitutional spending requirements under Proposition  98 (1988) and Proposition  2 (2014) almost entirely offset revenue gains. Moreover, we estimate costs in other programs to be about $6  billion higher than anticipated.
https://lao.ca.gov/Publications/Report/5091

The 2026-27 Budget: Fiscal Outlook for Schools and Community Colleges [Publication Details]

Nov 19, 2025 - The 2026-27 Budget: Fiscal Outlook for Schools and Community Colleges [Publication Details] The 2026-27 Budget: Fiscal Outlook for Schools and Community Colleges Format: HTML Description: We forecast that increases to the Proposition 98 guarantee in 2024-25 and 2025-26, coupled with a preexisting payment obligation, require the state to provide nearly $7.4 billion in one-time funds for schools and community colleges.
https://lao.ca.gov/Publications/Detail/5093

The 2026-27 Budget: Fiscal Outlook for Schools and Community Colleges

Nov 19, 2025 - The state will have to allocate some of the increase in the Proposition  98 guarantee to cover this shortfall in the upcoming budget. Proposition 98 Reserve Reserve Withdrawal Required in 2026 ‑27. The Proposition  98 Reserve generally requires withdrawals when the guarantee is less than the previous year ’s guarantee, adjusted for inflation.
https://lao.ca.gov/Publications/Report/5093

Gaming. [Ballot]

Dec 18, 2023 - This measure amends the Constitution to authorize Native American tribes to offer in-person sports wagering beginning July 1, 2025 under the same conditions described above for on line sports wagering.
https://lao.ca.gov/BallotAnalysis/Initiative/2023-030

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

The 2024-25 Budget: The Governor’s Proposition 98 Funding Maneuver

Feb 15, 2024 - Bottom Line. This proposed maneuver is bad fiscal policy. It sets a problematic precedent for the state and creates a binding obligation that will worsen out ‑year deficits and require more difficult decisions in the future.
https://lao.ca.gov/Publications/Report/4840

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 2025-26 California Spending Plan: Proposition 98 and K-12 Education [Publication Details]

Nov 10, 2025 - The 2025-26 California Spending Plan: Proposition 98 and K-12 Education [Publication Details] Translate Our Website This Google ™ translation feature provided on the Legislative Analyst's Office (LAO) website is for informational purposes only.
https://lao.ca.gov/Publications/Detail/5087