More and Less from the Controller

The latest monthly cash report from the state controller is available for the first half of the current fiscal year.

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.

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

https://ia904704.us.archive.org/3/items/new-year-outlook/dec%20cash.mp3