The state controller has released the latest cash report through November 2014. If you look at the report for the first five months of the fiscal year, you will find that revenues are running above the projected levels from last June's budget and spending is below. The latter is harder to interpret, since the state has some control over the pace of its spending. Tax revenue, however, comes in when it comes in. You will also find a deficit for the first five months of over $20 billion. Not to worry; state revenue tends to be backloaded, coming in particularly in April. In the interim, the state borrows from internal funds apart from the general fund and also does some external short-term borrowing.