Monday, July 10, 2017
The Wait is Over: Cash Statement Released
The controller reports cash receipts of $122.6 billion and cash disbursements of $126.8 billion. So there is a deficit of $4.2 billion. That money was borrowed in internal transfers by the controller from other state funds. But two of those funds - reserve funds called the "special fund for economic uncertainties" and the "budget stabilization account" (aka "rainy day fund") also received contributions totaling $3.4 billion. So there was net borrowing of $0.8 billion, e.g., a net small deficit of $0.8 billion.
There are other ways to view the accounts. But generally, it's not a Good Thing to run deficits during good times. At the moment, the state has plenty of cash on hand, when you take account of all the internal accounts outside the general fund from which it is allowed by borrow, about $37 billion. So it won't be running to Wall Street any time soon begging for credit.
You can also find in the cash accounts that UC received $3.5 billion last year. The previous year, it received $3.3 billion.
You can find the cash statement at: