On November 18th, we released the 21st annual edition of our Fiscal Outlook, which projects California’s state budget condition through 2019-20 under a few different economic scenarios. This note provides the calculations and assumptions underlying the report’s estimates on Proposition 2 (2014), which changed the state’s budgeting practices concerning reserves and debt payments. Specifically, this note details the calculations we used to estimate the first 2015-16 “true up” deposit into the state’s rainy day fund.