Controller Cohen Issues August Cash Report

SACRAMENTO - State Controller Malia M. Cohen yesterday released her monthly cash report covering the state's General Fund revenues, disbursements and actual cash balance for the fiscal year through August 31, 2024.

Receipts for the fiscal year through August exceeded estimates contained in the 2024-25 Budget Act by approximately $2.3 billion, or 8.3 percent. Fiscal year-to-date disbursements were $10.8 billion, or 35.1 percent, higher than anticipated in the Budget Act.

"This cash report shows the welcome news that through the first two months of the fiscal year, revenue collections were ahead of budget projections," said Controller Cohen. "While expenditures have exceeded estimates, spending variances early in the year are often related to timing. The continued high level of unused borrowable resources is also a positive sign as it reflects our continued ability to meet payment obligations as they come due."

As of August 31, the state had $104.9 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.

###