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Sunday, September 18, 2022

Want to Worry a Bit - But Not Too Much - About the State Budget?

The monthly cash statement through August - the first two months of the current fiscal year - has been released by the state controller.  In recent years, the tendency has been for actual revenue to overshoot budget projections. But through August, revenue has come in below forecast levels to the tune of about $1.5 billion. Revenue is also slightly below levels at this time last fiscal year. Most of the "blame" falls on the state income and sales taxes.

On the other hand, unused borrowable resources - the money available as a cushion for the state to use in downturns - stands at $77 billion, above the forecast level and well above the level at the same time last fiscal year.

You can find the actual numbers at:

https://sco.ca.gov/Files-ARD/CASH/August2022StatementofGeneralFundCashReceiptsandDisbursements.pdf.

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To hear the text above, click on the link below:

https://ia801402.us.archive.org/25/items/big-ten/state%20cash.mp3

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