We're back in the black.  California's budget watchdog is expecting some big surpluses.

The latest report out of the nonpartisan Legislative Analyst's Office is an upbeat one, projecting a $2.2 billion dollar surplus at the end of this year that grows and grows after that.

"Up to just under $10 billion in the last three years of our forecast," analyst Mac Taylor said to expect through 2018.

Taylor said the economic turnaround, Prop 30, and a more reserved budget from Governor Brown are to thank.  Based on funding formulas, schools will be the big winners, however, celebration would probably be premature.

"We do caution the legislature that things can change quickly," Taylor said.

So he's urging tempered spending on new programs and a paying down of outstanding debt sooner rather than later.