The 2024-25 Budget: Proposition 2 Debt Payment Proposals

Mar 20, 2024 - In addition, the 2017 ‑18 budget package authorized a plan to borrow $6  billion from the state ’s cash resources to make a one ‑time supplemental payment to CalPERS. The state ’s repayments on this borrowing plan, although not technically pension payments, are also considered eligible for Proposition  2 requirements.
https://lao.ca.gov/Publications/Report/4887

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

Apr 26, 2021 - The withdrawal was made pursuant to the Governor ’s disaster declaration in response to the coronavirus disease 2019 (COVID-19) public health emergency and proclamation of a budget emergency on June 25, 2020.
https://lao.ca.gov/Publications/Report/4418

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 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 2023-24 Budget: Multiyear Assessment

Feb 15, 2023 - Three of those —the recession in the early 1990s, the dot ‑com bust in the early 2000s, and the Great Recession —resulted in large revenue shortfalls and ensuing multiyear deficits, even for some years after each recession ended.
https://lao.ca.gov/Publications/Report/4687

The 2025-26 Budget: Overview of the Spending Plan

Oct 16, 2025 - (The difference between these two —over $2   billion —increases the budget problem.) Actions Taken Last Year Reduce the Budget Problem. In June 2024, the Legislature not only addressed the budget problem for 2024 ‑25 but also proactively adopted solutions intended to reduce the anticipated shortfall in 2025 ‑26.
https://lao.ca.gov/Publications/Report/5079

Rethinking California's Reserve Policy

Apr 10, 2025 - (Under the language of Proposition  2, “resources available ” includes both revenues and the entering fund balance.) Since 2014, the state has suspended and made withdrawals from the BSA in two years: 2020 ‑21 and 2024 ‑25.
https://lao.ca.gov/Publications/Report/5028

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

May 17, 2025 - For context, the comparable revisions in the prior two budget cycles were $2  billion (2023 ‑24) and $2.7  billion (2022 ‑23). The increase is primarily driven by higher costs in the Medi ‑Cal program, which are projected to exceed January estimates by $10  billion over the three ‑year budget window: roughly $2  billion in 2024 ‑25 and $8  billion in 2025 ‑26.
https://lao.ca.gov/Publications/Report/5044

The 2024-25 California Spending Plan: Other Provisions

Oct 2, 2024 - Figure  2 provides more details on these changes, including reductions totaling $272  million within the budget window (2023-24 and 2024-25) and $387  million across the multiyear period. Figure 2 Reductions to Governor ’s Office of Planning and Research Budget General Fund (In Millions)
https://lao.ca.gov/Publications/Report/4934

The 2024-25 California Spending Plan: Other Provisions

Oct 2, 2024 - Figure  2 provides more details on these changes, including reductions totaling $272  million within the budget window (2023-24 and 2024-25) and $387  million across the multiyear period. Figure 2 Reductions to Governor ’s Office of Planning and Research Budget General Fund (In Millions)
https://lao.ca.gov/Publications/Report/4934/governors-office-of-emergency-services