SACRAMENTO — State Controller Malia M. Cohen today released her monthly Cash Report which tracks the state’s revenues, disbursements and actual cash balance, and issued the following statement on the state’s cash position:
“While December’s cash position fell short of Department of Finance Budget Act cash flow estimates for the month by $3 billion, the state still has a strong $88.5 billion in available borrowable resources. Barring any unforeseen circumstances, California still has ample cash in its coffers to pay its bills and meet its financial obligations through the end of the fiscal year.
“The Legislature and Governor have a difficult task ahead to bring revenues and spending into balance in the year ahead. However, their forethought in building rainy-day reserves in the Budget Stabilization Account has bolstered the state’s cash-on-hand and provided stability in the face of a budgetary deficit.”
December saw California’s total General Fund receipts fall $5.2 billion – or 21.4 percent – short of estimates for the month, while disbursements were $2.3 billion – or 10.1 percent lower than estimated.
The state is 22.2 percent behind forecasts for the fiscal year to date with General Fund receipts, $28.2 billion below estimates. Disbursements were $5.1 billion lower than expected, and 4.2 percent behind estimates for the first six months of the fiscal year.
As the chief fiscal officer of California, Controller Cohen is responsible for accountability and disbursement of the state’s financial resources. The Controller has independent auditing authority over government agencies that spend state funds. She is a member of numerous financing authorities, and fiscal and financial oversight entities including the Franchise Tax Board. She also serves on the boards for the nation’s two largest public pension funds. Follow the Controller on X at @CAController and on Facebook at California State Controller’s Office.
