As blog readers will know, we like to take a look at the state controller's monthly cash reports to see how we are doing relative to past forecasts. And for the first two months of this fiscal year, the controller reports revenues to the general fund running ahead of forecast values by $1.7 billion. All the major taxes - personal income, sales, and corporate - are above the projections made when the state budget was adopted. Of course, two months does not a year make. But better more than less.
Moreover, the state is continuing to sit on a mountain of cash in the form of unused borrowable resources of almost $105 billion, about $9 billion ahead of projections.
You can find the controller's report at:
https://sco.ca.gov/Files-ARD/CASH/August2024StatementofGeneralFundCashReceiptsandDisbursements.pdf.
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