Links to key May Revision resources
May Revision includes "unprecedented layers of budget resiliency protections that, if approved, would put the budget on a somewhat more sustainable path"
Here are links to various resources concerning the Governor’s May Revision to his 2026-27 budget proposal.
Legislative Resources
Assembly Budget Committee Overview (including introduction drafted by me and colleagues): https://abgt.assembly.ca.gov/system/files/2026-05/highlights-of-governor-s-proposed-2026-27-may-revision.pdf, with quote included in headline above
Senate Budget and Fiscal Review Committee Overview: https://sbud.senate.ca.gov/system/files/2026-05/overview-of-the-governor-s-may-revision-2026-27-final.pdf
Assembly Democratic Leadership Statement: https://speaker.asmdc.org/press-releases/20260514-speaker-robert-rivas-budget-chair-jesse-gabriel-statements-governors-may
Senate Democratic Leadership Statement: https://sd21.senate.ca.gov/news/2026/may/california-state-senate-moves-forward-budget-following-may-revise
Legislative Republican Leadership Statement: https://src.senate.ca.gov/content/newsoms-final-may-revise-ignores-californians-needs-legislative-republicans-react
Department of Finance Resources
Multiyear Budget Forecast Summary: https://ebudget.ca.gov/reference/MultiYearProjection.pdf
May Revision Finance Letters (proposed amendments to Governor’s January budget bill proposal): https://dof.ca.gov/budget/historical-budget-information/historical-budget-publications/2026-27-proposed-may-adjustments-to-the-governors-budget/
May Revision Trailer Bill Proposals (some may be added later): https://trailerbill.dof.ca.gov/trailerBill.html (click on “May Revision”)
May Revision Budget Change Proposals: https://bcp.dof.ca.gov/bcp (Click on “May Revision BCPs”)
Monthly Cash Projections: https://dof.ca.gov/media/docs/forecasting/revenue-and-taxation/Monthly-Cash-Receipts-Projections-2026-27-May-Revision.xlsx
Links to May Revision Summaries and Detail Documents: https://ebudget.ca.gov/home
Revenue Projection Summary
In January, the administration projected total General Fund tax revenues as follows:
2024-25: $213.4 billion
2025-26: $222.2 billion (up 4%)
2026-27: $228.5 billion (up 3%)
2027-28: $233.1 billion (up 2%)
Last week’s LAO revenue numbers implicitly—as best I can determine—adjust the administration’s January projections, as follows:
2024-25: $215.0 billion
2025-26: $240.3 billion (up 12%)
2026-27: $233.6 billion (down 3%)
The administration’s May Revision projections—including, unlike the estimates above, the effects of the Governor’s May Revision General Fund tax proposals—are as follows:
2024-25: $215.0 billion
2025-26: $232.9 billion (up 8%)
2026-27: $234.2 billion (up 0.6%, including a 0.8% decline in personal income tax)
2027-28: $239.1 billion (up 2%)