California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - These challenges would not be short-lived either. 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: How to Use One-Time Revenue Improvements

Feb 20, 2026 - Figure 1 The State ’s New Wall of Debt (In Billions)
https://lao.ca.gov/Publications/Report/5133

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

Jan 12, 2026 - Discretionary Spending Proposals New Spending Proposals of About $600 Million. The Governor’s budget includes around $600 million in new discretionary General Fund spending across the budget window. (We consider a proposal to be “discretionary” if it provides more funding for a program or a service above what is already committed under current law or policy.)
https://lao.ca.gov/Publications/Report/5101