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 - For California, the dot ‑com era —when stocks rose and then fell precipitously in response to widespread adoption of the internet —offers the most salient example. The internet has proven to be a transformative technology and, yet, the stock market ’s initial reaction was clearly overly exuberant.
https://lao.ca.gov/Publications/Report/5091

The 2016-17 Budget: California Spending Plan

Oct 5, 2016 - Trailer legislation also specifies legislative intent to link the RMR to the 85th  percentile of the most recent market survey based on available funding. Slots Budget Package Increases Funding for State Preschool Slots.
https://lao.ca.gov/Publications/Report/3487/4

The 2026-27 Budget: How to Use One-Time Revenue Improvements

Feb 20, 2026 - Our Revenue Estimates Consistent With $2.5  Billion Upgrade to Budget Bottom Line Compared to January. Our recent revenue post suggests an improvement in revenues of around $5 billion relative to the Governor’s budget estimates.
https://lao.ca.gov/Publications/Report/5133

The 2019-20 Budget: Overview of the Governor's Budget

Jan 14, 2019 - The Legislature, however, might consider more targeted initiatives linked with specific goals. For example, it could link any one ‑time workforce funding to helping with a transition to a new child care reimbursement rate system and/or higher minimum program standards.
https://lao.ca.gov/Publications/Report/3916

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

Jan 12, 2026 - First, the budget includes about ten budget solutions —proposals that create budget capacity, improving the budget ’s bottom line —and they total around $9  billion. Second, the Governor ’s budget includes about 60 discretionary spending proposals —proposals that use budget capacity, eroding the budget ’s bottom line —and these total about $600  million.
https://lao.ca.gov/Publications/Report/5101

The 2024-25 Budget: Overview of the Spending Plan

Sep 6, 2024 - These slots will have full ‑year costs of $305  million beginning in 2025 ‑26. The  budget also modifies and adds into statute details related to the multiyear slot expansion plan. (In 2021 ‑22, the Legislature and Governor agreed to add 206,500 child care slots by 2025 ‑26.
https://lao.ca.gov/Publications/Report/4922

The 2018-19 May Revision: LAO Economic Outlook

May 12, 2018 - The typical PE ratio since 1990 is 21 (19 if the dot-com bubble of the late 1990s and early 2000s is excluded). Similar to the price-to-earnings ratio, the home price-to-rent ratio is used to gauge if home prices are in line with underlying demand for housing.
https://lao.ca.gov/Publications/Report/3829

The 2018-19 Budget: California Spending Plan (Final Version)

Oct 2, 2018 - Slots Funds Additional Alternative Payment Slots. The budget provides $ 205  m illion federal funds for 11, 307 n ew Alternative Payment slots starting July 1, 2018. This funding is tied to an increase in the amount of available federal funds.
https://lao.ca.gov/Publications/Report/3870/4

The 2022-23 Budget: Overview of the Spending Plan

Oct 12, 2022 - The budget package also reflects UC ’s continued implementation of its statutory nonresident replacement plan, with an additional 902 nonresident slots replaced with resident slots in 2023 ‑24. The budget package sets no 2023 ‑24  enrollment expectation for CSU.
https://lao.ca.gov/Publications/Report/4616