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Multiyear Budget Outlook
This report presents our office’s independent assessment of the condition of the state General Fund budget through 2024‑25 assuming the economy continues to grow. The first section of the report presents our analysis of the budget condition under two different revenue forecasts. Throughout this analysis, we use our own forecast of expenditures assuming May Revision proposals are adopted. The second section provides our comments, including the implications of the state appropriations limit (SAL).
Analysis
Under Our Revenue Forecast, Budget Would Remain Largely Balanced. Figure 1 summarizes the budget’s condition assuming the Governor’s May Revision policies were enacted, but using LAO revenue estimates. Under our estimates, recent gains in revenues particularly from taxes on higher income earners would persist and continue to grow close to the historical average rate. (For more discussion of our assumptions, please see: ....

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