May 2026
Proposition 98 Overview
Proposition 98 Key Inputs and Outcomes Under the May Revision
Dollars in Millions
| 2024-25 | 2025-26 | 2026-27 | |
| Minimum Guarantee | |||
| General Fund | $92,316 | $91,541 | $91,997 |
| Local property tax | 32,614 | 33,574 | 35,140 |
| Totals | $124,929 | $125,114 | $127,136 |
| Change From Previous Year | |||
| General Fund | $25,301 | -$775 | $456 |
| Percent change | 37.8% | -0.8% | 0.5% |
| Local property tax | $1,143 | $960 | $1,566 |
| Percent change | 3.6% | 2.9% | 4.7% |
| Total guarantee | $26,445 | $185 | $2,022 |
| Percent change | 26.9% | 0.1% | 1.6% |
| General Fund Tax Revenuea | $214,983 | $232,869 | $234,190 |
| Growth Rates | |||
| K-12 average daily attendance | -0.3% | -0.7% | -0.6% |
| Per capita personal income (Test 2) | 3.6% | 6.4% | 5.0% |
| Per capita General Fund (Test 3)b | 11.9% | 8.3% | 1.2% |
| Maintenance Factor | |||
| Amount created (+) or paid (-) | -$8,292 | - | - |
| Total outstanding | - | - | - |
| Proposition 98 Reserve | |||
| Deposit (+) or withdrawal (‑)c | $5,324 | $5,001 | - |
| Cumulative balance | 5,324 | 10,325 | $10,325 |
| Operative Test | 1 | 1 | 1 |
| a Excludes nontax revenues and transfers, which do not affect the calculation of the guarantee. | |||
| b As set forth in the State Constitution, reflects change in per capita General Fund plus 0.5 percent. | |||
| c Accounts for required and discretionary changes to the Proposition 98 Reserve. | |||