The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - The 2026-27 Budget: California's Fiscal Outlook Executive Summary Not Safe to Bet Artificial Intelligence ( AI) Fueled Exuberance Is Sustainable. Both the California and U.S. economies currently face significant headwinds.
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 2024-25 Budget: Proposition 2 Debt Payment Proposals

Mar 20, 2024 - Employer Contributions for “Unfunded Liabilities. ” An unfunded liability means that the projected value of pension benefits earned to date exceeds the projected assets of the pension system. While the state shares normal cost with employees, unfunded liabilities generally are the state ’s responsibility.
https://lao.ca.gov/Publications/Report/4887

The 2025-26 Budget: California's Fiscal Outlook

Nov 20, 2024 - Current stock prices relative to companies ’ past earnings (a common measure of how “expensive ” stocks are) are at levels rivaled only by the transitory booms of 1999 and 2021. Furthermore, a single company (Nvidia) accounts for about one ‑third of the total gains in the S &P 500 stock index over the last year.
https://lao.ca.gov/Publications/Report/4939

California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - And most of this increase has come from skyrocketing share prices among a handful of firms associated with innovations in Artificial Intelligence (AI). These firms have invested heavily in building out data centers and on extraordinary pay packages for their key employees.
https://lao.ca.gov/Publications/Report/5104

The 2022-23 Budget: Overview of the Spending Plan

Oct 12, 2022 - SAL = state appropriations limit; CAC = California Arts Council; CSSSA = California State Summer School for the Arts; CDE = California Department of Education; CDFA = California Department of Food and Agriculture; CSL = California State Library; CTC = Commission on Teacher Credentialing; DCA = Department of Consumer Affairs; DCC = Department of Cannabis Control; DFPI = Departm ent of Financial
https://lao.ca.gov/Publications/Report/4616/1

The 2022-23 California Spending Plan: Other Provisions

Sep 27, 2022 - In some instances, other state agencies manage pre-existing statewide public outreach activities and the budget package requires those agencies to share information regarding outreach efforts wi th OCPSC.
https://lao.ca.gov/Publications/Report/4626

The 2025-26 Budget: Initial Comments on the Governor's May Revision

May 17, 2025 - While  these cost increases affect all enrollee groups, the administration attributes a significant share of the growth to higher costs associated with individuals lacking satisfactory immigration status.
https://lao.ca.gov/Publications/Report/5044

The 2022-23 Budget: California’s Fiscal Outlook

Nov 17, 2021 - Several major firms have posted historically high earnings. Consistent with this recent trend, under our main forecast, we estimate tax revenues (and transfers) are higher by nearly $28 billion across 2020‑21 and 2021‑22 compared to budget act estimates.
https://lao.ca.gov/Publications/Report/4472

Rethinking California's Reserve Policy

Apr 10, 2025 - Importantly, the state does not set aside all capital gains that exceed this threshold, but only a share of them. This share is determined by a complex set of formulas that can lower excess capital gains by anywhere from 0 percent to 100 percent, although reductions around 30 percent have been the most common to date.
https://lao.ca.gov/Publications/Report/5028