The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - Instead, our forecast includes income tax collections that are somewhat weaker than suggested by cash trends, but still tens of billions of dollars above where they would be if stocks actually drop significantly.
https://lao.ca.gov/Publications/Report/5091

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

Nov 16, 2022 - As described earlier, most state cash and cash‑like benefits, such as for CalWORKs, SSI/SSP, and the non‑tuition portion of state Cal Grants, currently are not adjusted for inflation. As a result, we expect the real value of these assistance programs to decline more rapidly than prior years as higher inflation persists.
https://lao.ca.gov/Publications/Report/4647

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: Overview of the Spending Plan

Oct 16, 2025 - However, on a cash basis, these costs would still be paid in 2025‑26 as they are incurred. Like other budget maneuvers, this creates a misalignment between the state’s cash position and its budgetary costs.
https://lao.ca.gov/Publications/Report/5079

New Inflation Poses Not So New Budget Risk

Dec 15, 2022 - Some observers have posited, for example, that distributing cash to consumers via tax rebates at a moment when inflation already is high only served to exacerbate the problem. Two responses to this critique come to mind.
https://lao.ca.gov/Publications/Report/4653

The 2022-23 Budget: Multiyear Budget Outlook

May 24, 2022 - If inflation adjustments are not enacted, service and benefit levels will decline in real terms. Cash assistance is a straightforward example of this dynamic. Current law does not guarantee automatic adjustments to the state’s cash assistance programs when inflation increases.
https://lao.ca.gov/Publications/Report/4602

California’s Strong Revenue Trends Mask Looming Budget Risk [Publication Details]

Jan 23, 2026 - In this installment of Fiscal Perspectives, the Legislative Analyst describes how the LAO’s revenue estimates represent a hedge against downside stock market risk and why—despite current cash trends—caution matters given the state’s large, ongoing structural deficit.
https://lao.ca.gov/Publications/Detail/5104

California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - In this installment of Fiscal Perspectives, the Legislative Analyst describes how the LAO’s revenue estimates represent a hedge against downside stock market risk and why—despite current cash trends—caution matters given the state’s large, ongoing structural deficit.
https://lao.ca.gov/Publications/Report/5104

The 2021-22 Budget: Overview of the Governor's Budget

Jan 10, 2021 - The Governor ’s budget proposes a one ‑time $600 tax refund to taxpayers who received the California Earned Income Tax Credit (EITC) for 2019 and taxpayers using an Individual Taxpayer Identification Number (ITIN) who will receive the EITC for 2020.
https://lao.ca.gov/Publications/Report/4309

The 2024-25 Budget: Proposition 2 Debt Payment Proposals

Mar 20, 2024 - Employee and Employer Contributions to “Normal Cost. ” The normal cost is the amount actuaries determine must be contributed to the system in a given year to fund the benefit earned by state employees in that year.
https://lao.ca.gov/Publications/Report/4887