To browse all LAO publications, visit our Publications page.
May 18, 2026 - In this report, we provide a summary of and comments on this revised budget, focusing on the overall condition of the state General Fund.
Update (5/21/26): Upon further review and receipt of additional information from the administration, we estimate the amount of discretionary spending in the May Revision is $1.1 billion, rather than $1.3 billion.
May 18, 2026 - As our office publishes responses to the Governor's 2026-27 May Revision, we will add them to this index page.
April 28, 2026 - Since 2019-20, General Fund spending has grown just over $100 billion—from $146 billion in 2019-20 to $248 billion under the Governor’s budget proposal for 2026-27. This report assesses the causes and fiscal implications of this growth in order to inform decision-making going forward.
February 20, 2026 - Recent stock market performance continues to boost income tax collections. In our Fiscal Outlook, we strongly advised the Legislature to treat near-term strength in tax collections as temporary because we expect these gains to reverse. Further, the state faces significant structural deficits in the future. Accordingly, any windfall received from this revenue uptick represents an opportunity for the Legislature to prepare for future fiscal challenges.
February 18, 2026 - Senate Committee on Budget and Fiscal Review
January 23, 2026 - In this installment of Fiscal Perspectives, the Legislative Analyst describes how the LAO’s revenue estimates represent a hedge against downside stock market risk and why—despite current cash trends—caution matters given the state’s large, ongoing structural deficit.
January 21, 2026 - Senate Budget and Fiscal Review
January 20, 2026 - Assembly Committee on Budget
January 12, 2026 - On January 9, 2026, Governor Newsom’s administration presented its proposed state budget to the California Legislature. In this report, we provide a high-level summary and our initial analysis of the Governor’s budget based on our preliminary review (as of January 10).
January 1, 2026 - As we release publications aimed at addressing the 2026-27 budget situation, we will add them to this index page.
November 19, 2025 - Each year, our office publishes the Fiscal Outlook in anticipation of the upcoming budget season. This report gives the Legislature our independent estimates and analysis of the state’s General Fund budget condition with the goal of helping lawmakers prepare for the 2026-27 budget process. As always, our Fiscal Outlook evaluates the budget’s condition based on current law and policy both at the state and federal level.
October 16, 2025 - Each year, our office publishes California Spending Plan, a series of publications that summarize the annual state budget. The flagship report of this series, Overview of the Spending Plan, is presented here along with short online posts that focus on major areas and features of the 2025-26 budget package. As the posts become available, we will add them below.
October 16, 2025 - Each year, our office publishes the California Spending Plan to summarize the annual state budget. In this publication we: provide an overview of the 2025-26 budget package, give a brief description of how the budget process unfolded, and then highlight the major features of the budget approved by the Legislature and signed by the Governor.
October 6, 2025 - The Supplemental Report of the 2025-26 Budget Act contains statements of legislative intent and requests for studies that were adopted by the Legislature during deliberations on the 2025-26 budget package.
August 20, 2025 - Assembly Budget Subcommittee No. 7 on Accountability and Oversight