From July through December 2022, the state spent more than last year: $143.6 billion versus $122.9 billion. Receipts (revenues and transfers) were down: $87.8 billion versus $102.8 billion. The drop was mainly in the personal income tax.
However, cash piled up sufficiently in funds outside the general fund so that unused borrowable resources - cash that can be used for internal borrowing - rose from $67.0 billion in December 2021 to $92.3 billion. So the state is currently a long way from having to borrow in the external financial market for seasonal imbalances.
Estimated tax income payments for calendar 2022 were due in mid-January and, of course, income taxes are generally filed and settled in mid-April. Thus, around the time the governor presents his May Revise budget proposal, we'll have a better sense of where the starting point for fiscal 2022-23 will be.
The cash statement as of the end of December is at https://sco.ca.gov/Files-ARD/CASH/December2022StatementofGeneralFundCashReceiptsandDisbursements.pdf.
https://ia904704.us.archive.org/3/items/new-year-outlook/dec%20cash.mp3
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