The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - However, our Fiscal Outlook revenue forecast, shown in Figure  2 , reflects a smaller, temporary upgrade which reverses beginning in 2026 ‑ 27 —resulting in 2026 ‑27 revenues being in line with budget act estimates.
https://lao.ca.gov/Publications/Report/5091

The 2024-25 Budget: Proposition 2 Debt Payment Proposals

Mar 20, 2024 - Proposition 2 Proposition   2 Contains Annual Debt Payment Requirement. Proposition  2 created new rules regarding: (1)  deposits into the state ’s rainy ‑day fund and (2)  accelerating payments toward certain eligible debts.
https://lao.ca.gov/Publications/Report/4887

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 2021-22 Budget: The Governor’s Proposition 2 Proposals

Apr 26, 2021 - The 2021-22 Budget: The Governor’s Proposition 2 Proposals The Governor ’s Proposition  2 Proposals Introduction Passed by voters in 2014, Proposition  2 changed budgeting practices concerning: (1)  reserves and (2)  debt payments.
https://lao.ca.gov/Publications/Report/4418

The 2026-27 Budget: Overview of the Governor's Budget

Jan 12, 2026 - The  Governor ’s budget also includes some proposals that provide savings in future years (that is, in 2027 ‑28 and after). This includes proposals to: (1)  remove the state ’s share of costs associated with growth in IHSS hours per case, which we estimate could save $650  million by 2029 ‑30 (if hours continue to grow at their current rates); (2)  make an
https://lao.ca.gov/Publications/Report/5101

The 2024-25 Budget: Multiyear Budget Outlook

May 23, 2024 - This post presents our office ’s forecast of the condition of the state General Fund budget through 2027 ‑28 under our revenue estimates and assuming the Governor ’s May Revision policies are adopted.
https://lao.ca.gov/Publications/Report/4907

The 2025-26 Budget: Overview of the Spending Plan

Oct 16, 2025 - Figure 2 The State ’s New Wall of Debt (In Billions)
https://lao.ca.gov/Publications/Report/5079

The 2024-25 Budget: Overview of the Spending Plan

Sep 6, 2024 - In total, the spending plan maintains a total of $29  billion for these packages across a seven ‑year period (2021 ‑28), which represents 79  percent of the original multiyear planned amounts ($36  billion).
https://lao.ca.gov/Publications/Report/4922

The 2024-25 Budget: Overview of the Governor's Budget

Jan 13, 2024 - As a result, proposed spending is higher by $5  billion in 2025 ‑26, nearly $2  billion in 2026 ‑27, and roughly $1  billion in 2027 ‑28. Given our and the administration ’s forecasts of the budget condition in future years, the state likely cannot afford this spending.
https://lao.ca.gov/Publications/Report/4825

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

May 17, 2025 - The June 2024 budget package included $28  billion in budget solutions for 2025 ‑26, although savings from some of these actions have since diminished. We provided further detail and updated estimates of these solutions in our January report, The 2025 ‑26 Budget: Overview of the Governor ’s Budget (see Appendix 1 ).
https://lao.ca.gov/Publications/Report/5044