The controller's monthly cash report through December - the sixth month of the current fiscal year - is out. It shows revenue ahead of the projections made at the time the current-year budget was enacted by about $0.9 billion. This overage is the result of extra (beyond-forecast) receipts of income tax revenue. As the governor likes to point out, that tax is heavily dependent on the top bracket and capital gains. (We are a bit behind forecast levels for sales tax which is more representative of what is happening in the real economy.)
At this stage in the fiscal year, spending generally runs well ahead of revenue and the difference is handled by borrowing internally from other state funds, including the rainy-day fund. (So much for the idea that money there is totally locked up!)
You can find the report at
http://www.sco.ca.gov/Files-ARD-Local/LocRep/06_December_2015.pdf
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