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

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 2023-24 Budget: California's Fiscal Outlook

Nov 16, 2022 - Inflation‑Related Adjustments Vary Across Budget The General Fund budget can be thought of in two parts: (1)  the Proposition  98 budget for schools and community colleges, representing about 40  percent of General Fund spending, and (2)  everything else.
https://lao.ca.gov/Publications/Report/4646

The 2023-24 Budget: Overview of the Spending Plan (Final Version)

Oct 16, 2023 - Prior to the COVID ‑19 pandemic, families making at least 40  percent of the state median income were required to pay a fee (varying from about 1  percent to 10  percent of family income) for child care and full ‑day State Preschool services.
https://lao.ca.gov/Publications/Report/4788

The 2023-24 Budget: Multiyear Budget Outlook

May 23, 2023 - Both of these figures are attributable to growth in revenue and the Proposition  98 formula that reserves a minimum percentage of that revenue (just under 40  percent) for school and community college programs.
https://lao.ca.gov/Publications/Report/4772

The 2024-25 Budget: Overview of the Spending Plan

Sep 6, 2024 - Instead, smaller than proposed reductions were made to the Multifamily Housing Program ($10  million General Fund reduction) and the Regional Early Action Planning Program ($40  million General Fund reduction), and no reductions were made to the Housing Navigator and Maintenance Program.
https://lao.ca.gov/Publications/Report/4922

The 2022-23 Budget: California’s Fiscal Outlook

Nov 17, 2021 - Under our outlook, the state allocates about 40 percent of General Fund revenue to K ‑14 education each year of the budget window. As such, consistent with General Fund tax revenue increases, our estimate of required General Fund spending on schools and community colleges for 2020 ‑21 and 2021 ‑22 increases by almost $11  billion.
https://lao.ca.gov/Publications/Report/4472

The 2021-22 Budget: Multiyear Budget Outlook

May 23, 2021 - Figure  2 summarizes the budget ’s condition assuming the Governor ’s May Revision policies were enacted, but uses the administration ’s lower revenue estimates (and revenue-driven costs, namely Proposition  98 [1988] and Proposition  2 [2014]).
https://lao.ca.gov/Publications/Report/4437

Strong Tax Collections Belie California's Challenging Fiscal Outlook

Apr 26, 2022 - Now at 40-year highs, the Federal Reserve (the Fed) has embarked on a cycle of tightening monetary policy intended to cool inflation. Put more plainly, the Fed is attempting to reduce inflation by orchestrating an intentional slowdown in economic growth.
https://lao.ca.gov/Publications/Report/4590

The 2022-23 Budget: Overview of the Spending Plan

Oct 12, 2022 - (Previously, only children born between September 2 and December 2 were eligible.) The Legislature and Governor also agreed the state would cover the associated costs by adjusting the Proposition  98 formulas to increase the share of General Fund revenue allocated to schools.
https://lao.ca.gov/Publications/Report/4616