The latest state cash report through October (July through October) is now available from the state controller. For the first four months of the fiscal year, revenues are running ahead of budget projections by over half a billion dollars. This overage is more than accounted for by income tax receipts. (The net of other taxes pulls down the total overage.) Because the income tax is highly progressive, the overage suggests those at the top are doing well. Despite current stock market jitters, capital gains may be playing a significant part. In fact, those who have done well in the past but are now selling off stocks would be realizing taxable gains.
As expected, although the state is borrowing internally (from funds outside the general fund) to cover its seasonal needs, it has enough cash on hand to avoid the need for any external short-term seasonal borrowing.