Federal Spending in California

Jan 18, 2017 - Finally, this category includes the refundable portion of two major tax credits: the Earned Income Tax Credit (EITC), which provides a refundable tax credit to low- to moderate-income working individuals and couples; and the Child Tax Credit, which provides refundable tax credits to eligible low-income families with children.
https://lao.ca.gov/Publications/Report/3531/3

Building Reserves to Prepare for a Recession

Mar 7, 2018 - A budget problem represents the amount by which expenditures exceed revenues in a given year. A budget problem is not the same as a revenue loss. That is because some state expenditures adjust automatically to changing revenue conditions, in general offsetting losses.
https://lao.ca.gov/Publications/Report/3769

Tempered Expectations

Dec 9, 2019 - General Fund reliance on the personal income tax —and thus on capital gains-related income taxes in particular —has increased. Consequently, from a fiscal standpoint, the state could see revenue shortfalls commensurate with or greater than past recessions, especially if it were accompanied by a stock market correction.
https://lao.ca.gov/Publications/Report/4122

Federal Spending in California

Jan 18, 2017 - Most of the difference is attributable to differences in our estimates of grants spending and our inclusion of significant refundable tax credits as components of federal sp ending. While our estimate is not comparable with multi-state estimates, our approach does allow us to display spending amounts at a more detailed level and with more precision and detail than others.
https://lao.ca.gov/Publications/Report/3531/7

The 2023-24 Budget: Multiyear Assessment

Feb 15, 2023 - The state could reform th e underlying tax structure to make it less volatile, which nearly certainly would involve reducing tax rates for higher ‑income earners. Or, the state could address volatility by building reserves —funds that can be saved during upswings and spent during downturns.
https://lao.ca.gov/Publications/Report/4687

Federal Spending in California

Jan 18, 2017 - For example, the refundable portion of the EITC is estimated on a tax year basis (which runs from January 1st to December 31st) and defense contracts on a federal fiscal year basis (October 1st to September 30th) .
https://lao.ca.gov/Publications/Report/3531/1

Fiscal Outlook: In-Home Supportive Services (IHSS)

Nov 15, 2017 - Fiscal Outlook: In-Home Supportive Services (IHSS) California's Fiscal Outlook Fiscal Outlook: In-Home Supportive Services (IHSS) General Fund expenditures for IHSS are estimated to be $3.5  billion in  2017 ‑18, increasing to about $3.7  billion in  2018 ‑19.
https://lao.ca.gov/Publications/Report/3712

A History of California’s Budget Reserves

Mar 24, 2017 - State revenues, particularly those from the personal income tax (PIT), are volatile . In particular, the PIT tax base includes capital gains (gains on the sale of stocks, bonds, certain homes, and other assets), which vary considerably from year to year.
https://lao.ca.gov/Publications/Report/3630

The 2021-22 Budget: Overview of the Governor's Budget

Jan 10, 2021 - The administration estimates direct COVID-19 expenditures, which we do not consider discretionary, are higher by $4.4  billion compared to the budget act assumption. (We define direct COVID-19 expenditures to include expenses for testing, contact tracing, and vaccine distribution.)
https://lao.ca.gov/Publications/Report/4309

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

Oct 2, 2018 - Caltrans The budget plan for Caltrans includes total expenditures of $14. 2  b illion from all fund sources, an increase of $2. 8  b illion (or 25  p ercent) from the revised 2017 ‑ 18 l evel of expenditures.
https://lao.ca.gov/Publications/Report/3870/10