Tuesday, December 10, 2013
Cash News (Or Really Non-News)
Receipts are highly seasonal due to dates when estimated taxes are due. At the moment, the reserve in the general fund is negative to the tune of almost $20 billion which might seem alarming except that last year at this time it was almost minus $25 billion. Presumably, the seasonal influx of receipts will undo this negativity as t he year progresses. When the reserve is negative, the controller does a mix of internal borrowing from other funds outside the general fund and external borrowing from Wall Street.
Not to worry. It will all work out:
The controller's statement is at http://sco.ca.gov/Files-ARD/CASH/fy1314_december.pdf