Rethinking California's Reserve Policy

Apr 10, 2025 - Throughout this period, as shown on the right side of Figure  3, the SFEU balance was generally enacted around 1  percent to 3  percent of revenues —very small compared to the reserves and surpluses of the decades before.
https://lao.ca.gov/Publications/Report/5028

The 2025-26 Budget: Overview of the Governor's Budget

Jan 13, 2025 - (On a technical basis, under the administration ’s estimates, we estimate the balance of the Special Fund for Economic Uncertainties [SFEU] would be about $3  billion before the Governor ’s proposals.)
https://lao.ca.gov/Publications/Report/4951

The 2025-26 Budget: Undertaking Fiscal Oversight

Feb 24, 2025 - This fiscal oversight requires assessing (1)  what the key program goals and expected outcomes are, (2)  the extent to which programs are delivering those expected outcomes, (3)  whether programs ’ costs align with expectations, and (4)  whether the benefits justify the costs.
https://lao.ca.gov/Publications/Report/4983