The California Legislative Analyst's Office has issued its official report on Proposition 19, finding it will reduce state and local correctional, court, and police costs. A RAND study has estimated that Prop. 19 will generate $300 million per year in direct savings. Although the LAO acknowledges the measure would boost taxes and create new state revenue, it concluded the "magnitude of additional revenues is difficult to estimate." The LAO ballparks it at hundreds of millions of dollars. The California Legislative Analyst's Office provides non-partisan fiscal and policy advice to lawmakers. Read the analysis here.