Tuesday, December 13, 2011

State Controller releases November Cash Update

State Controller John Chiang released his monthly report covering California's cash balance, receipts and disbursements in November, showing monthly revenues came in $497.7 million above projections in the state budget.
"While November's totals came in 9 percent above projections, they did not erase the fact that we are still running $1 billion behind in revenues and $2 billion ahead in expenditures," said Chiang.  "Regardless of whether midyear cuts are enacted next week, the Legislature faces a tremendous fiscal challenge when it returns to session next month."

After accounting for November revenues, total year-to-date general fund revenues are now behind the budget's estimates by $1 billion, but expenditures for the year are over projections by $1.95 billion.  The Controller's Office continues to work with the Department of Finance to identify and prepare for any impact on the State's cash outlook.
The State ended last fiscal year with a cash deficit of $8.2 billion. The combined current year cash deficit stands at $21.5 billion.  Those deficits are being covered with $16.1 billion of internal borrowing (temporary loans from special funds) and $5.4 billion of external borrowing.
For more details, read November 2011's financial statement and summary analysis.

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