The state controller's cash report for the first half of fiscal year 2025-26 continues to show revenues running ahead of estimates made when the budget was enacted to the tune of over $10 billion. As we noted when we examined the governor's January budget proposal, this extra revenue is essentially what permitted him to submitted a no-hassles proposal for FY 2026-27.
The state's unused borrowable cash reserves have fallen since last year at this time, but are still at a hefty $86 billion. So, the governor will not exit his office when his second term ends with the kind of crisis that Arnold Schwarzenegger had when he left and the state was having trouble just paying its bills.
The latest controller's report is at:
https://www.sco.ca.gov/Files-ARD/CASH/December2025StatementofGeneralFundCashReceiptsandDisbursements.pdf.
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