The latest cash report from the state controller for May 2026 (11/12ths of the current fiscal year), shows receipts modestly ahead of projections made at the time the governor's May Revision was presented. They are way ahead of the projections made almost a year ago when the current state budget was adopted, well over $25 billion ahead. The income tax is mainly the source of the overage, presumably due to capital gains on AI-related stocks.
All of this news is background to the ongoing legislative efforts to pass a budget. Because of various rules regarding legislation enactment, the legislature needs to adopt something called a budget today to meet the constitutional requirement of enacting a budget by June 15.
You can find the last cash report at:
https://www.sco.ca.gov/Files-ARD/CASH/May2026StatementofGeneralFundCashReceiptsandDisbursements.pdf.
No comments:
Post a Comment