The 2023-24 Budget: Multiyear Budget Outlook

May 23, 2023 - Both of these figures are attributable to growth in revenue and the Proposition  98 formula that reserves a minimum percentage of that revenue (just under 40  percent) for school and community college programs.
https://lao.ca.gov/Publications/Report/4772

The 2020-21 Budget: Overview of the Governor's Budget

Jan 13, 2020 - The constitution also requires the state to make deposits into a Proposition   98 r eserve when a series of conditions are met. Under the administration ’s estimates, the balance of the Proposition   98 r eserve would reach $ 487  m illion at the end of 2020 ‑21.
https://lao.ca.gov/Publications/Report/4135