Cash Report for the Last Fiscal Year

The state controller's report for all of 2024-25, the fiscal year that ended on June 30 shows revenues to the general fund running over $3 billion ahead of projections for the May Revise and over $9 billion ahead of the projections made a year ago when the budget for 2024-25 was enacted. There was a lot of shuffling of cash between the general fund account and other reserves during the year. 

Note that cash accounting differs from the modified accrual accounting used for the state budget. So in particular the fact that LA County income tax payments were allowed to be deferred to fall 2025 likely means that some of the revenue receipts that would normally have arrived in April 2025 will show up on a cash basis in the fiscal year that began July 1, 2025. Still, the Regents, when they review the budget at the meetings that start today, should be somewhat happier knowing revenues were underestimated rather than the reverse.

The budget estimates for the enacted budget on the accrual basis have not yet appeared on the Dept. of Finance website.

The controller's figures are at https://www.sco.ca.gov/Files-ARD/CASH/June2025StatementofGeneralFundCashReceiptsandDisbursements.pdf.