Each November, the Legislative Analyst’s Office (the non-partisan advisor for the state Legislature) prepares a fiscal outlook in anticipation of the state budget process that kicks off in January with the governor’s budget proposal.
Overall, revenues are growing at historic rates and the LAO estimates the state will have a $31 billion surplus to allocate in 2022‑23. The Proposition 98 guarantee for schools and community colleges is estimated to be $11.6 billion (12.4% above the 2021-22 enacted budget). LAO estimates $9.5 billion will be available for new commitments and $10.2 billion will be available for one-time spending.
The LAO prepares a fiscal outlook for the state budget as a whole, and one focused on Prop. 98 and K-14 education spending specifically. For further reference, see: