Not surprisingly, now that the state
controller has released the cash flows for full fiscal year 2011-12 (which
ended June 30, 2012), “receipts” came up short by about $4.5 billion for that
year relative to budget assumptions.
In the previous fiscal year 2010-11 (when there was still
some temporary tax money flowing in), receipts were greater than disbursements
(a surplus in ordinary parlance). But
because of past accumulated debt in the general fund (which is not supposed to
end the year in debt), the reserve on June 30, 2011 was a negative $8.2
billion. Without the phantom revenue,
the general fund in 2011-12 experienced receipts below disbursements of $1.4 billion (a deficit in ordinary parlance), increasing the negativity in the
general fund to -$9.6 billion.
You can find these figures on page B1 of http://www.sco.ca.gov/Files-ARD/CASH/fy1112_june.pdf
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