Controller Cohen Issues July Cash Report

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 July 2024, the first month of the 2024-25 fiscal year.

Receipts for the month exceeded estimates contained in the 2024-25 Budget Act by approximately $907.8 million, or 6.2 percent. Disbursements for the month of July were nearly $5.8 billion, or 32.4 percent, higher than anticipated in the Budget Act. As of July 31, the state had $105 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.

"With July traditionally being one of the smallest revenue collection months for the state, exceeding collections estimates at the start of our fiscal year is welcome news," said Controller Cohen. "The high amount of unused borrowable resources reflects our ability to meet payment obligations even in the midst of a budget that uses a portion of reserves, internal borrowing and fund shifts as balancing solutions."

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.

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