Controller Cohen Issues September Cash Report—Spent More Than we Received

California is headed in the wrong direction, and the Democrat State Controller just proved it.

“Receipts for the fiscal year through September exceeded estimates contained in the 2024-25 Budget Act by nearly $5.5 billion, or 11.8 percent. Fiscal year-to-date disbursements were $7.4 billion, or 15 percent, higher than anticipated in the Budget Act.”

This is why California is in a DOOM LOOP—the more revenues we receive, we spend EVEN more.  How long can this last?  We are working through a real $80 billion deficit—and next year the deficit STARTS at $30 billion.  California is the poster child for economic disaster—hope the rest of the nation is aware of the part Kamala Harris played in creating THE KILLING FIELDS of California.

Controller Cohen Issues September Cash Report—Spent More Than we Received

State Controller, 10/10/24 

SACRAMENTO — State Controller Malia M. Cohen today released her monthly cash report covering the state’s General Fund revenues, disbursements and actual cash balance for the fiscal year through September 30, 2024.

Receipts for the fiscal year through September exceeded estimates contained in the 2024-25 Budget Act by nearly $5.5 billion, or 11.8 percent. Fiscal year-to-date disbursements were $7.4 billion, or 15 percent, higher than anticipated in the Budget Act.

“Through the first quarter of the fiscal year, California’s big three revenue sources – personal income, corporate, and retail sales and use taxes – are all ahead of budget projections,” said Controller Cohen. “Although expenditures have been higher than expected, timing is often a factor behind the variations. The high level of available borrowable resources also reflects the state’s strong cash position and our continued ability to meet the state’s payment obligations.”

As of September 30, the state had $97.3 billion in unused borrowable resources. These resources are from internal funds outside of the General Fund that are borrowable under state law and that the State Controller’s Office uses to manage daily and monthly cash deficits when revenue collections are lower than expenditures. Internal borrowing from special funds is short-term and is repaid so that borrowing does not affect the operations of the special funds.

As the chief fiscal officer of California, Controller Cohen is responsible for accountability and disbursement of the state’s financial resources. The Controller has independent auditing authority over government agencies that spend state funds. She is a member of numerous financing authorities, and fiscal and financial oversight entities including the Franchise Tax Board. She also serves on the boards for the nation’s two largest public pension funds. Follow the Controller on X at @CAController and on Facebook at California State Controller’s Office.