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September Revenues Beat Estimates

Controller John Chiang reports California's September revenues totaled nearly $9.8 billion, topping Budget Act estimates by $671.4 million. Read the news release in English and Spanish, the summary analysis and the financial statement.


K-12 Employee Wage Info Added to Salary Database

Controller John Chiang has added 2013 compensation data for public K-12 employees to his publicpay.ca.gov compensation website. Read the news release in English and Spanish.


Controller's Manage Your Money Week Runs Oct. 18-25

Controller John Chiang's Manage Your Money Week features free money management education events around California. Learn more and find an event.


New Search Function Aims To Help life insurance Beneficiaries

Controller John Chiang has announced a new search function – claimyourpolicy.sco.ca.gov – that allows the owners of unclaimed life insurance settlements to search for and claim their accounts. Read the news release in English and Spanish.


Controller: CalPERS Remains Vulnerable to Spiking

Controller John Chiang found that the California Public Employees' Retirement System's failure to use automated controls and more proactively review payroll data exposes the system to the manipulation of pay for the purpose of "spiking" retirement benefits. Read the news release and report.


August Revenues Fall Short Of Estimates

Controller John Chiang reports California's August revenues totaled $6.7 billion, falling short of Budget Act estimates by $370.1 million. Most of this shortfall reflected a one-time transfer of $343.3 million in sales tax revenues from the State's General Fund to local governments. Read the news release, the summary analysis and the financial statement.


New Open Data Site Spotlights Local Government Finances

Controller John Chiang has unveiled a new open data website listing financial data for cities and counties as part of his ongoing efforts to promote transparency in government. The site, ByTheNumbers.sco.ca.gov, makes it easier for taxpayers to track revenues, expenditures, liabilities, assets, fund balances and even basic statistics about each city and county. Read the news release.


Payroll Audits Reveal Problems at Prison, Hospital

Controller John Chiang says payroll audits of California State Prison–Sacramento and California Department of State Hospitals–Patton revealed improper payments and practices. Read the news release in English and Spanish, the prison audit and the hospital audit.


State Off to Strong Start in New Fiscal Year

Controller John Chiang reports that July revenues totaled $5.4 billion, beating estimates in the Budget Act by $231.9 million, or 4.5 percent. Read the news release in English and Spanish, the summary analysis and the financial statement.


Controller Adds Court Employees To Pay Database

Controller John Chiang has added calendar year 2013 salary, benefits and other compensation data for 20,428 Superior Court judges and employees to his publicpay.ca,gov website. Read the news release in English and Spanish.


State Ends Fiscal Year With Positive Cash Balance

Controller John Chiang announced that the State's General Fund -- the primary account from which California funds its day-to-day operations and programs -- ended the fiscal year with a positive cash balance for the first time since June 30, 2007. Read the news release in English and Spanish, the summary analysis and the financial statement.


4 Steps Calif. Should Take To Hedge Against Financial Risks

Given the cyclical nature of California's economy, Controller John Chiang has outlined steps that voters and the state's elected leaders should take. Read his column in The Sacramento Bee here.


Controller Adds 2013 UC Wage Info to Salary Database

For the first time, Controller John Chiang has posted University of California wage info in his Public Pay database. Fresh salary numbers for state and CSU employees have also been added. Read the news release in English and Spanish.


Los Angeles RDA Review Completed

Controller John Chiang has completed his review of the assets transferred by the Community Redevelopment Agency of the City of Los Angeles prior to its dissolution. Read the news release in English and Spanish. Read the review, learn more about the Controller's role in conducting RDA asset reviews, and see a list of completed reviews.


Controller Urges Public To Seek Unclaimed Property

Controller John Chiang is getting the word out about unclaimed property via a series of newspaper notices in four languages. See the notices in English, Spanish, Chinese and Korean. Search for property.


May Revenues Fall Short Of Estimates

Controller John Chiang reports California's May revenues totaled $6.7 billion, falling short of estimates in the 2014-15 Governor's Budget by $389.1 million. For the fiscal year to date, revenues exceeded expectations by $1.8 billion. Read the news release in English and Spanish, the summary analysis and the financial statement.


Controller, CalVet Team Up to Return Unclaimed Property to Veterans

Controller John Chiang and California Department of Veterans Affairs Secretary Peter J. Gravett are working to reunite veterans with lost or forgotten unclaimed property. Read the news release in English and Spanish, search for property, and see photos of some of the military-related items waiting to be claimed.


Controller Issues Statement on New Diabetes Study

Controller John Chiang said a new UCLA Center for Health Policy Research and California Center for Public Health Advocacy study on diabetes-related hospitalizations in California highlights the growing, costly problem of diabetes on patients, our healthcare system, budgets and taxpayers. He added that prevention and wellness strategies can reduce the demand for medical care. Read more in English and Spanish.


Controller's Audits Find $8 Billion in Waste, Abuse, Mismanagement

Since 2007, Controller John Chiang's audits have identified more than $8 billion in unallowable and unlawful spending, as well as potential savings, throughout State and local government. Read the news release in English and Spanish.


April Revenues Continue Winning Trend

Controller John Chiang reports California's April revenues totaled $13.9 billion, surpassing estimates in the 2014-15 Governor's Budget by $303 million. For the fiscal year to date, revenues exceeded expectations by $2.17 billion. Read the news release in English and Spanish, the summary analysis and the financial statement.


Controller's Cudahy Audits Spotlight Past Problems

Audits issued by Controller John Chiang reveal that the City of Cudahy's prior administration had virtually no internal controls to prevent the misuse of taxpayer dollars. Read the news release in English and Spanish.


March Revenues Beat Estimates

Controller John Chiang reports California's March revenues topped the Governor's estimates by $470.9 million. Read the news release in English and Spanish, the summary analysis and the financial statement.


Follow the Money With Controller’s New Track Prop. 30 Website

Controller John Chiang has a new website that tracks funds raised by Proposition 30, a temporary tax increase approved by California voters to stabilize the fiscal health of K-12 schools and community colleges. Visit TrackProp30.ca.gov, and read the related news release in English and Spanish.


Get Daily Revenue Numbers With New Tax Tracker

Controller John Chiang’s new daily Tax Tracker blog offers insights on the latest State personal income, sales and corporate tax receipts. Read the news release in English and Spanish.


Controller Shines Light on Special-District Pay Data

Controller John Chiang has updated his public-employee compensation website with the latest wage and benefit data for local special-district employees. Read the news release in English and Spanish, and watch video tutorials on how to get the most out of the site.


February Revenues Top Estimates By Nearly $1 Billion

Controller John Chiang reports California's February revenues topped the Governor's estimates by $968.9 million. Read the news release in English and Spanish, the summary analysis and the financial statement.


Controller Issues Plan To Reduce Retiree Health Care Liability

Controller John Chiang has issued a proposal for addressing the State's $64.6 billion unfunded liability of providing health and dental benefits for state retirees. Read news release in English and Spanish, and read the actuarial report.


Watch Mail For Unclaimed Property Notices

From now through spring, the Controller’s Office is sending out notices to owners whose unclaimed property will be transferred to the State after June 1. These notices are sent out annually before the property is to be transferred to give owners a chance to retrieve it directly from businesses. Read more and see a sample notice.


More Than $1 Million in Property Returned With eClaim

Controller John Chiang's new online claiming feature for unclaimed property has already resulted in nearly $1.1 million in payments with an average wait time of 10 days. Read news release in English and Spanish and see tutorial.


Controller Cracks Down on Delinquent Governments

Controller John Chiang will dispatch his staff to many special districts across California to collect missing financial data that, by law, was required to be reported more than a year ago. Some of the districts face audits. Read the news release in English and Spanish, and see a list of remaining delinquent governments.


Controller: January Revenues Top Governor's Estimates

Controller John Chiang reports California's January revenues topped the Governor's estimates by $388 million. Read the news release in English and Spanish, the summary analysis and the financial statement.


Controller Appoints 3 To Oversee Prop. 39

Controller John Chiang has announced three appointments to the board created to oversee Proposition 39, the California Clean Energy Jobs Act. Read the news release in English and Spanish as well as bios of each appointee.


Controller Speaks Out Regarding Alaska Mine Project

Controller John Chiang issued a statement after Rio Tinto announced its decision to review its stake and consider divestiture from Canada's Northern Dynasty, owner of the undeveloped Pebble Mine copper-gold project in Alaska. Read the news release in English and Spanish.


eClaim Aims to Speed Unclaimed Property Returns

Controller John Chiang has introduced eClaim, a breakthrough online tool aimed at reuniting the public with lost and forgotten properties valued at less than $500. Read the news release in English and Spanish, watch a tutorial and get started with your search.


Controller: December Revenues Surge Past Estimates

Controller John Chiang reports California's December revenues topped estimates by $2.3 billion. Read the news release in English and Spanish, the summary analysis and the financial statement.


Controller Posts Fresh City, County Employee Salary Data

Controller John Chiang has updated his public employee compensation website with the latest wage and benefit information for cities and counties. Read the news release in English and Spanish, and watch video tutorials.


Chiang Sues 3rd Life Insurance Company

Controller John Chiang has filed a lawsuit against Thrivent Financial for Lutherans for refusing to comply with existing state law requiring it to turn over records necessary to determine if the Wisconsin-based insurer is failing to pay death benefits to the beneficiaries of policyholders known to be deceased. Read the news release English and Spanish, and more about the Controller's efforts to help beneficiaries.


Controller Issues Deadline To Delinquent Governments

Controller John Chiang has sent letters to 126 local governments that have failed to file financial and accounting reports required under State law. The letters went to nine cities and 117 special districts, giving each entity the deadline of December 31, 2013, to file the delinquent documents. Read the news release in English and Spanish, and see a list of delinquent governments.


Controller: November Revenue Picture Optimistic

Controller John Chiang reports California's November revenue numbers provide many reasons to be cautiously optimistic about the State's near-term fiscal outlook. Read the news release in English and Spanish, the summary analysis and the financial statement.


Controller’s Watchdog Audit Findings Top $6 Billion

In an important milestone, Controller John Chiang’s audit programs have identified more than $6 billion in waste, abuse and fiscal mismanagement since 2007. Read more about the audits.


Controller Posts Fresh Community College Salary Data

Controller John Chiang has updated his public employee compensation website with the latest wage and benefit information for Community College employees. Read the news release in English and Spanish, and watch video tutorials.


Controller: October Revenues Top Expectations

Controller John Chiang reports the State's total revenues for October reached $5.3 billion, beating estimates in the State budget by $510.5 million, or 10.7 percent. Read the news release in English and Spanish, the summary analysis and the financial statement.


Controller Plans Conference With County Auditors

Controller John Chiang's annual Conference with County Auditors will take place from Oct. 22-24 at the DoubleTree in Sacramento. Read the agenda.


Controller: September Revenues Beat Estimates

Controller John Chiang reports the State's total revenues for September reached $8.5 billion, coming in above estimates contained in the State budget by 5.3 percent. Read the news release in English and Spanish, the summary analysis and the financial statement.


Controller: Schools Get Nearly $1.3B in Lottery Funds

Controller John Chiang announced that payments from the Lottery Education Fund to school districts, educational institutions and state agencies for the 2012-13 fiscal year totaled $1.28 billion. Read news release in English and Spanish.


Controller's Financial Literacy Advisory Committee to Meet

Controller John Chiang's Financial Literacy Advisory Committee will meet on Oct. 2 in San Francisco. Read more.


Controller: August Revenues Narrowly Miss Estimates

Controller John Chiang reports the State's total revenues for August reached $6.9 billion, coming in below estimates contained in the State budget by 0.4 percent. Read the news release in English and Spanish, the newly redesigned summary analysis and the financial statement.


Controller Finds Problems With Santa Clara RDA

Controller John Chiang finds the City of Santa Clara's redevelopment agency is required by State law to reverse about $279 million in inappropriate property and cash transfers so that those assets can be used to retire the now-defunct agency's debts and fund local programs throughout Santa Clara County. Read the news release, the review, and background on the RDA asset review process.


Brown Signs Controller-Sponsored Bill To Improve Fiscal Management

Controller John Chiang applauds Governor Jerry Brown for signing AB 1248, a bill authored by Assemblyman Ken Cooley (D-Rancho Cordova), which requires the establishment of internal control standards aimed at strengthening fiscal practices of California's cities. Read the news release.


See Latest State, CSU Employee Pay Data

Controller John Chiang has updated his public employee compensation website with 2012 wage data for State and California State University employees. Read the news release in English and Spanish, see State and CSU data and watch video tutorials.


Task Force Offers Road Map To Improve IT Projects

A task force appointed by Governor Jerry Brown and Controller John Chiang has issued recommendations to improve State information technology procurement, proposal evaluation and vendor management. Read the news release in English and Spanish. Read the report.


Controller: July Revenues Fall Short of Estimates

Controller John Chiang reported the State's total revenues for July reached $4.8 billion, coming in below estimates contained in the State budget by 6 percent. Read the news release in English and Spanish, the summary analysis and the financial statement.


Inappropriate RDA Transfers Found in Oakland

Controller John Chiang's review of Oakland's redevelopment agency determined that approximately $170 million in properties and cash were transferred without legal authority and must now be remitted by the City to the newly-created RDA successor agency. Read the news release in English and Spanish. Read the review, and background on the RDA asset review process.


Controller Chiang Releases 3 Stockton Audits

Audits released by Controller John Chiang found significant weaknesses in the City of Stockton's fiscal management practices and internal controls which, if left unaddressed, will continue to invite wasteful spending and abuse of public resources. The audits also found that the City misused cash in its gas tax fund, and is unlawfully holding former redevelopment agency (RDA) assets. Read the news release and audits.


Chiang Sues 2nd Life Insurance Company

Controller John Chiang has filed a lawsuit against Kemper, a Missouri-based life insurance company, for refusing to turn over records needed to audit the company, which is suspected of failing to pay life insurance benefits to the heirs of deceased policy holders. Read the news release and more about the Controller's efforts to help beneficiaries.


Controller: June Revenues Beat Governor's Estimates

Controller John Chiang reported the State's total revenues for June reached $13.1 billion, beating the Governor's May Revision estimate by $1.2 billion (10.1 percent). Total revenues for the fiscal year ending June 30 were $100.1 billion, topping estimates by $2.0 billion (2.0 percent). Read the news release, the summary analysis and the financial statement.


Controller: New Life Insurance Settlements To Benefit Californians

Controller John Chiang has announced major, multi-state settlements with 11 life insurance companies, including Transamerica and New York Life, over unpaid life insurance benefits. The settlements are worth up to $763 million nationwide, with up to $86.7 million going to California beneficiaries. Read the news release and helpful info for beneficiaries.


Preliminary Data Shows June Revenues Topped Governor's Estimates

Early totals listed on Controller John Chiang's June revenue tracker show personal income, corporate and sales tax revenues topped the Governor's estimates.


Controller: May Revenues Beat Governor's Estimates

Controller John Chiang reported the State's total revenues for May hit $7.27 billion, beating the Governor’s latest estimates by $799.1 million (12.4 percent). Read the news release, the summary analysis and the financial statement.


Controller: Many of Bell's Problems Still Not Addressed

Controller John Chiang has released a follow-up review of a series of 2010 audits focused on the City of Bell's internal controls, management of state and federal funds, its dissolved redevelopment agency and use of gas tax proceeds. The review identifies nearly three dozen material weaknesses in the City's financial operations, and notes serious concerns with the City's immediate fiscal condition and cash balances. Read the news release in English and Spanish, and the review.


Controller Finds Problems With City of Riverside RDA Holdings, Transfers

Controller John Chiang found the City of Riverside's Redevelopment Agency to be in possession of $30.45 million in real property that it no longer is legally entitled to hold, and that the RDA inappropriately transferred another $64.25 million in real property to the City. Read the news release in English and Spanish, the review, and background on the RDA asset review process.


Controller: Immigration Reform Will Boost California's Economy

Immigration reform will help the Golden State's economy, Controller John Chiang says in a San Jose Mercury News column. Read more.


Controller: State Narrowly Misses April Revenue Estimates

Controller John Chiang reported the State's total revenues reached $15.03 billion in April, narrowly missing estimates by $119.9 million (-0.8 percent). However, through first 10 months of the fiscal year, total revenues exceeded the Governor's January projections by $4.6 billion. Read the news release in English and Spanish, the summary analysis and the financial statement.


Read Summary of April Personal Income Tax Revenues

Visit Controller John Chiang's revenue tracker for a summary of April personal income tax numbers.


Controller Files Lawsuit Against Life Insurance Company

Controller John Chiang has filed a lawsuit against Texas-based American National Insurance Company for refusing to turn over records needed to audit the company, which is suspected of failing to pay life insurance benefits to the heirs of deceased policy holders. Read the news release, the complaint and more about the Controller's efforts to help life insurance beneficiaries.


March Revenues Beat Budget Projections

State revenues for March were $395.5 million above (7.2 percent) estimates found in the Governor's proposed 2013-14 State budget, Controller John Chiang reported. Read the news release in English, the news release in Spanish, the summary analysis and the financial statement.


Controller’s Audits Find More Than $4B In Waste, Abuse, Mismanagement

Controller John Chiang's audit program has identified more than $4 billion in waste, abuse and fiscal mismanagement since 2007. Click here to see the latest numbers.


Chiang Offers Free VITA Tax Return Assistance

Controller John Chiang's office is once again offering free tax return assistance to qualified filers. Appointments are available in his Los Angeles office through April 12. Read more in English and Spanish.


Controller Co-Hosts Financial Literacy Fair at Capitol on April 10

Learn valuable tips for managing your money at Controller John Chiang's free 6th annual Financial Literacy Fair on the north steps of the State Capitol from 11 a.m. to 1:30 p.m. on Wednesday, April 10. Read more in English and Spanish.


Controller Finds Problems With San Jose RDA Transfers

State Controller John Chiang's asset review of the City of San Jose's Redevelopment Agency found $148.1 million in assets were inappropriately transferred from the agency before it was shut down. Read the news release, the review, and background on the RDA asset review process.


Controller Releases More Public Salary Info For Special Districts

Controller John Chiang has posted 2011 public-employee salary data for an additional 1,100 special districts. Read the news release. Visit the site. Browse info for special districts. See a list of noncompliant districts. Watch video tutorials. Sign up for alerts about future data releases.


February Revenues Nearly Match Budget Projections

State revenues for February came in almost equal to estimates found in the Governor's proposed 2013-14 budget, Controller John Chiang reported. Read the news release in English, the news release in Spanish, the summary analysis and the financial statement.


Controller: Unfunded Liablity For Retiree Health Benefits Estimated At $63.8B

Controller John Chiang has released a new report showing the unfunded actuarial accrued liability of providing health and dental benefits for state retirees is projected to be $63.84 billion over 30 years. Read the news release. Read the report.


Watch Webinar Video: Tax Filing Tips for New Business Owners

The Controller's Office, Franchise Tax Board and Employment Development Department recently teamed up for a webinar offering tax tips to the owners of small businesses. Watch the video here, see a PDF of the presentation here and read the transcript here.


Controller Finds Problems With Fresno RDA Transfers

State Controller John Chiang's asset review of the City of Fresno's redevelopment agency found $41.5 million in assets were inappropriately transferred to the City’s housing agency. RDA reviews for Palm Desert and Marysville found no inappropriate transfers. Read the news release, the reviews, and background on the RDA asset review process.


Controller Finds Problems With Many San Bernardino RDA Transfers

State Controller John Chiang's asset review of the City of San Bernardino's redevelopment agency found $108.4 million of the RDA's real properties, cash, and invested funds were inappropriately transferred to the City's Economic Development Corporation, and another $420.5 million of assets are still being held by the City. Read the news release, the review, background on the RDA asset review process and other recent RDA asset reviews.


Controller Releases 2011 Public Salary Info For Many Special Districts

Controller John Chiang has posted 2011 public-employee salary data for nearly 1,500 special districts. Read the news release. Visit the site. Browse info for special districts. See a list of noncompliant districts. Watch video tutorials. Sign up for alerts about future data releases.


January Revenues Beat Budget Projections

State revenues for January were $4.3 billion above (39.1 percent) estimates found in the Governor's proposed 2013-14 budget, Controller John Chiang reported. Read the news release in English, the news release in Spanish, the summary analysis and the financial statement.


Chiang Names Wasserman to FPPC

Controller John Chiang has appointed Gavin Wasserman to the Fair Political Practices Commission. Read the news release in English and Spanish.


Important W-2 Info for State Controller's Office Employees

Employed by the State Controller's Office as of June 1, 2012? Find information about the issuance of your W-2 under the pilot MyCalPAYS system here. Read our W-2 FAQ.


December Revenues Match Budget Projections

After accounting for timing issues related to sales tax deposits, December's revenues were $103.4 million above (1.1 percent) estimates found in the 2012-13 State budget. Read the news release in English, the news release in Spanish, the summary analysis and the financial statement.


Have Questions About Your Form W-2?

With tax time just around the corner, Controller John Chiang has put together some helpful information about your Form W-2. Read more.


Social Security Tax Rate Goes Up

The Social Security tax rate paid by employees has increased to 6.2% despite a deal in Congress regarding the so-called fiscal cliff. Read more.


Controller Finds Problems with Payroll Process at Parks and Rec

Controller John Chiang said a review of the California Department of Parks and Recreation's payroll process revealed managers and employees violated state policies and keyed in payroll without proper documentation or authority, creating the risk of abuse, fraud and overpayments. Read news release. Read review.


Controller Releases 2011 Public Salary Info For Cities, Counties

Controller John Chiang has posted 2011 public employee salary data for California cities and counties. Read the news release. Visit the site. Browse info for cities and counties. Watch video tutorials. Sign up for alerts about future data releases.


Learn More About Controller's RDA Reviews

Controller John Chiang is conducting asset reviews as part of the wind-down of California's redevelopment agencies. Read more about the effort to comply with state law here. See completed RDA reviews and a list of those in progress.


November Revenues Below Projections

Controller John Chiang says California revenues in November were $806.8 million, or 10.8%, below projections in the 2012-13 Budget Act. Read the news release, the summary analysis and the financial statement.


AIG, Other Insurance Companies to Return Millions to Calif. Beneficiaries

Controller John Chiang and Insurance Commissioner Dave Jones announced AIG Insurance Company will return millions of dollars to California beneficiaries. Read the news release. Read about other recent insurance settlements.


Controller Completes RDA Reviews for Pinole, Madera

As part of an ongoing effort to follow a legislative mandate, Controller John Chiang has issued reviews of redevelopment agencies in Pinole and Madera. Read the Pinole review and the Madera review.


Controller Improves Public Salary Database

Check out State Controller John Chiang's redesigned Government Compensation in California website! New features make it easy to browse local salaries, see the highest-paid positions, create reports and download all data. Read the news release. Visit the renamed site, publicpay.ca.gov. Watch video tutorials.


More Than $1.8 Billion In Budget Deferrals To Be Paid Back Early

Strong cash projections will allow more than $1.8 billion in cash deferrals to be repaid early for schools and social services, Conroller John Chiang and other state officials say. Also, $942 million in planned March deferrals will be paid on time. Read the letter sent to state legislators.


Controller Finds Problems With Many Hercules RDA Transfers

Controller John Chiang found $51.1 million of the Hercules redevelopment agency's real properties, cash, and invested funds were either inappropriately transferred to the City or unlawfully retained by the former RDA. In West Sacramento, however, all asset transfers made by the City's RDA were lawfully executed. Read the news release, the Hercules review and the West Sacramento review.


October Revenues Beat Projections

Controller John Chiang says California revenues in October were 4.4% above projections in the 2012-13 Budget Act. Read the news release, the summary analysis and the financial statement.


Watch Webinar Video: Sole Proprietorships vs. LLCs

The Controller’s Office and the Franchise Tax Board recently teamed up for a webinar on sole proprietorships and limited liability companies. Watch the video here, see a PDF of the presentation here and read the transcript here.


Unclaimed Property Holder Notice Report Deadline Extended to Nov. 13

Controller John Chiang has extended the deadline to file Unclaimed Property Notice Reports to Nov. 13, 2012, for any holder, or agent of the holder, whose ability to convey their Holder Notice Report has been compromised because of Hurricane Sandy. Read the entire Notice to Holders.


September Revenues Below Projections

Controller John Chiang says California revenues in September were 2.2% below projections in the 2012-13 Budget Act. Read the news release, the summary analysis and the financial statement.


Controller's Audits Find Lack of Fiscal Controls, Misspent RDA Funds in Hercules

Two audits of the City of Hercules questioned almost $50 million in charges to the City's redevelopment funds and found weak oversight and poor management of City funds that damaged Hercules' fiscal health. Read the news release, the RDA audit and the internal control audit.


Controller Finds Faults In CalSTRS' Efforts To Curb Pension Spiking

A review released by Controller John Chiang found that the California State Teachers’ Retirement System does not adequately audit more than 1,900 reporting entities (including school districts), has missed opportunities to reduce instances of suspicious or unjustified salary increases and also failed to adequately use existing electronic systems designed to identify cases of pension spiking. Read the news release and the review.


Insurance Companies to Return Millions to Calif. Beneficiaries

Controller John Chiang announced Forethought Group, Inc., and Nationwide Insurance Company will return millions of dollars to California beneficiaries. Read the Forethought news release. Read the Nationwide news release. Read about other insurance settlements.


August Revenues $434 Million Above Projections

Controller John Chiang says California revenues in August were $434 million above projections in the 2012-13 Budget Act. Read the news release, the summary analysis and the financial statement.


Review of Milpitas, Morgan Hill RDA Assets Completed

Controller John Chiang has completed reviews of the asset transfers by redevelopment agencies in Milpitas and Morgan Hill prior to their dissolution. In both cases, the reviews found that some redevelopment asset transfers were unallowable. Read the news release, the Milpitas review and the Morgan Hill review.


Learn About Cash Management, General Fund Borrowing Process

Interested in how the State manages the cash needs of the General Fund through a combination of external and internal borrowing? Read more here. Read monthly financial reports.


July Revenues $475 Million Below Projections

Controller John Chiang says California revenues in July were $475 million below projections in the 2012-13 Budget Act. Read news release, summary analysis and financial statement.


State Shortfall $1 Billion Lower Than Projected

The State ended the 2011-12 fiscal year with a shortfall that was roughly $1.0 billion lower than projected in the Governor’s 2012-13 May Revision estimates. Meanwhile, total June revenues were $247 million (2.2 percent) above projections made in the Governor's May Revision. Read news release, summary analysis and financial statement.


Controller Improves Protection of Consumers' Property

Controller John Chiang has made remarkable progress in reuniting owners with their unclaimed property. Read more. Charts: Total Unclaimed Properties Returned | Cash Returned to Owners | Securities Returned to Owners | Notices Mailed to Owners


New Controller Video, Notices Encourage Unclaimed Property Awareness

Controller John Chiang has released a new video and will place newspaper notices over the next 10 weeks urging the public to visit www.claimit.ca.gov to find any potential unclaimed property. Watch the video. See the newspaper notices. See a photo gallery of unusual property now being held by the State.


New Pay Figures Published For Special Districts

Controller John Chiang has updated his website showing the salary, pension benefits and other compensation for 531 special districts in calendar year 2010, with wages totaling more than $510,831,263. This latest batch of payroll data includes library, mosquito abatement, conservation, air quality and airport agencies. Read news release. See list of agencies that did not submit info.


May Revenues $83.5 Million Above Projections

Controller John Chiang says California revenues in May were $83.5 million above projections in the Governor's May Revision budget proposal. Read news release, summary analysis and financial statement.


Controller Publishes More Pay Data For Special Districts

Controller John Chiang has posted fresh data showing the salary, pension benefits and other compensation for Cemetery, Community Service, Electrical, Financing, Flood Control, Park and Water Conservation districts in calendar year 2010. Read news release. See database. See list of agencies that did not submit info.


Controller Releases First 2 Hercules Audits

State Controller John Chiang has released findings from his first two audits of the City of Hercules. Read news release. Read audit regarding the use of state and federal grants. Read audit regarding the use of transportation funds.


April Revenues $2.44 Billion Below Projections

State Controller John Chiang said California revenues in April were $2.44 billion below the projections in the Governor's proposed 2012-13 Budget. Read news release, summary analysis and financial statement.


Early Info Shows Calif. Collected $7.171 B In Income Taxes In April

Preliminary reports from April 1-30 show the State collected a net total of $7.171 billion in personal income taxes. The Governor's budget estimate projected income taxes would reach $9.132 billion for the month. See Controller's tax tracker.


Check Out Controller's Mobile Website

State Controller John Chiang has launched a mobile version of his website to provide quick access to several public services for smart phone users. Read more. Read news release.


Photos: Fans Turn Out As Dr. Oz, Controller Announce Wellness Program

Hundreds of people turned out as TV star Dr. Mehmet Oz, State Controller John Chiang and other officials kicked off a pilot health and wellness program aimed at saving taxpayers' money. See photos.


Controller, Dr. Oz Kicking Off Statewide Health And Wellness Program

State Controller John Chiang, TV star Dr. Mehmet Oz and other officials are kicking off a pilot health and wellness program aimed at saving taxpayers' money. Read more.


Chiang Announces Settlement With MetLife

State Controller John Chiang announced a settlement with MetLife, Inc., one of the nation’s largest life insurers. Read news release.


Photos: Controller Hosts Financial Literacy Fair

Controller John Chiang hosted his free annual Financial Literacy Fair at the Capitol on April 18. See photos.


March Revenues $233.5 Million Below Projections

State Controller John Chiang says California's revenues in March came in $233.5 million below the latest projections contained in the Governor's proposed 2012-13 Budget. Most of this shortfall was caused by corporate tax receipts, which were $125.8 million below projections. Read news release, summary analysis and financial statement.


State Controller To Audit City Of Stockton, RDA

Controller John Chiang has announced an audit investigation of the financial practices and reporting of the City of Stockton along with its redevelopment and successor agency. Read the letter sent by Controller Chiang.


Fresh Round Of Government Compensation Data Posted

Controller John Chiang has posted 2010 compensation data for more than 500 additional special districts, including entities that handle land reclamation and levee maintenance, health, hospitals and water. Read news release. See database. See list of agencies that did not submit info.


Video: Don't Forget Earned Income Tax Credit!

In a new video, California State Controller John Chiang promotes the Earned Income Tax Credit, which could boost your income by up to $5,700. Watch video. Subscribe to Controller's new YouTube channel.


Feb. Revenues $146.3 Million Below Latest Projections

State Controller John Chiang says California's revenues in February came in $146.3 million below the latest projections contained in the Governor's proposed 2012-13 Budget. The shortfall was likely caused by a large increase in early tax refunds going out in February. Read news release, summary analysis and financial statement.


Controller's Review of Hearing Aids Program Finds Millions in Waste

Controller John Chiang has released a review questioning millions of dollars in reimbursements to Medi-Cal hearing aid providers. In a letter to the Department of Health Care Services (DHCS), the Controller recommended rate changes that could save the State up to $27.4 million over a three-year period. Read news release. Read letter.


Report: 30-Year Cost of Funding State Retiree Health Benefits Is $62.1 Billion

Controller John Chiang has released a new actuarial report showing the 30-year cost of providing health and dental benefits for state retirees is $62.1 billion. Read news release. Read report. Read related chart.


Controller Sponsors Bill To Drive Private Sector Energy Retrofits

Controller John Chiang and Senator Kevin de León (D-Los Angeles) have unveiled legislation sponsored by the Controller to promote cost-effective retrofits of commercial buildings throughout California. The "Building the Economy Through Energy Retrofits" (BETER) program, co-authored by Assembly Member Nancy Skinner (D-Berkeley), is expected to create construction jobs while helping business owners save tremendously on their energy costs. Read news release, bill, fact sheet and financing flow chart.


January Revenues $528 Million Below Projections

Monthly revenues came in $528 million below the latest projections contained in the Governor's proposed 2012-13 Budget, Controller John Chiang announced in his monthly report covering California’s cash balance. Read news release. Read summary analysis. Read financial statement.


New Payroll Figures Published For Special Districts

Controller John Chiang has updated his website showing the 2010 salary, pension benefits and other compensation for police, fire, transit operators, transportation planning, and waste districts. Read news release. See database. See list of agencies that filed to file info on time.


Controller's 'California Strong' Offers Free Tax Return Help

State Controller John Chiang has launched "California Strong," which brings all of his financial and educational seminars together under one umbrella. Read news release. Read about tax assistance workshops and more. See photos of Sacramento event.


Controller: I Welcome Review Of Props. 25, 58

Controller John Chiang issued this response to the lawsuit filed by the California Legislature challenging his authority to withhold lawmakers' pay until they pass a balanced budget: "I welcome the review of Propositions 25 and 58, which voters enacted to ensure on-time and balanced budgets. The issue before us is not the role of my office, but how to enact the will of the voters." Read more.


Watch Your Mail for Notices About Unclaimed Property

If you get a letter about unclaimed property in the coming weeks, make sure to read it! Through February 10, Controller John Chiang is mailing notices to Californians with unclaimed property, including money, stock and safe deposit box contents. Read more.


Insurance Settlement May Return $20 Million To Calif. Families

State Controller John Chiang says a major multi-state settlement with Prudential Insurance Company of America may return up to $20 million to the families of deceased life insurance policyholders in California. Read news release. Read settlement.


December Revenues Fall Short of Expectations

Controller John Chiang reported that December revenues came in $165.2 million below the latest projections contained in the Governor's proposed 2012-13 Budget. When compared to the 2011 Budget, December receipts were $1.4 billion below estimates. Read news release. Read summary analysis. Read financial statement.


Controller Answers W-2 Questions For State Employees

Controller John Chiang, who issues paychecks for state employees, offers helpful Form W-2 info here.


What Does Payroll Tax Cut Extension Mean For State Employees?

Many employees will receive a credit as a result of the federal Temporary Payroll Tax Cut Continuation Act of 2011. Read more.


Controller Releases 4th Montebello Audit

State Controller John Chiang has released his final review of the City of Montebello, exposing possible pension spiking, payroll errors, a loose petty cash drawer, and systemic problems in the City’s internal controls of its finances. Read news release. Read audit.


Controller's Audit Findings Top $3 Billion

Since taking office in 2007, Controller John Chiang's audit findings through state and local investigations now total more than $3 billion, more than any other Controller in recorded State history. Read news release.


2010 Salary Info Released For City, County Workers

Controller John Chiang has updated his database showing the salary, pension benefits and other compensation for city and county employees in calendar year 2010. Read news release. See database. See governments that failed to provide info.


YTD Revenues $1 Billion Short Of Budget Estimates

A report issued by Controller John Chiang says November state revenues came in $497.7 million above budget projections, but year-to-date revenues are $1 billion behind estimates. Read news release. Read summary analysis. Read financial statement.


Controller: LAO Report on Calif. Fiscal Outlook is 'No Surprise'

Controller John Chiang issued a statement regarding the Legislative Analyst's report on California's fiscal outlook. Read more.


October Revenues $810.5 Million Below Projections

State Controller John Chiang has released his monthly report covering California’s cash balance, receipts and disbursements in October, showing revenues came in $810.5 million below projections from the recently passed state budget. Read news release. Read summary analysis. Read financial statement.


Controller to Audit CalSTRS Efforts to Curb Pension Spiking

State Controller John Chiang is launching an audit to test the California State Teachers' Retirement System’s (CalSTRS) efforts at identifying and preventing pension spiking. The audit was prompted by a growing number of concerns inside and outside the fund's administration, and during a time when CalSTRS is revamping its own investigations unit. Read more.


Controller Discovers More Problems in Montebello

State Controller John Chiang has released a third audit of the City of Montebello, focusing on problems identified in the city's use of state and federal funds. Read news release. Read audit. Read previous audits.


Controller: 2nd Review Confirms LACCD Bidding Problems

A second review of the process used by the Los Angeles Community College District to select an Inspector General has confirmed the serious problems pointed out in the Controller's initial audit. Read more.


September Revenues $301.6 Million Below Projections

State Controller John Chiang has released his monthly report covering California's cash balance, receipts and disbursements in September, showing revenues came in $301.6 million below projections from the recently passed state budget. Read news release. Read summary analysis. Read financial statement.


Controller Sends Schools More Than $1 Billion In Lottery Funds

State Controller John Chiang announced that payments from the Lottery Education Fund to school districts, educational institutions and State agencies for the 2010-11 fiscal year totaled $1.12 billion. Read more.


Controller Backs CalPERS, CalSTRS Board Diversity Effort

At the urging of Controller John Chiang, CalPERS and CalSTRS have adopted a system to promote board diversity. Read more.


Controller Finds $31m In Questionable Montebello Spending

State Controller John Chiang has released two audits of the City of Montebello, one focusing on the City's gas tax fund, the other on the City's redevelopment agency (RDA) funds. Together, the audits found $31 million in questionable spending, loans, and fund transfers. Read the news release. Read the gas tax audit and the RDA audit.


August Revenues Beat Projection

State Controller John Chiang has released his report covering California's cash balance, receipts and disbursements in August, showing revenues came in $134.9 million above (2.1 percent) projections from the recently passed state budget. Read news release. Read summary analysis.


Controller to Collect 2010 Wage Numbers

Controller John Chiang has ordered cities, counties and other local governments to report 2010 salary information to his office. This follows a similar action last year, when the Controller created the Government Compensation in California database. Read more. Read letter. See database.


Cities, Counties Must Notify SCO Regarding RDAs

Recent Legislation (AB 1X 27) provided a way for all Agencies, Cities and Counties to continue operating their Redevelopment Agencies (RDAs) by simply notifying the Controller's Office of their plans by Oct. 1. Read more.


Controller: Force SCAN To Give Back Overpayments

The State should recover millions of dollars in overpayments to Senior Care Action Network (SCAN) before the health plan is allowed to take on Adult Day Health Care clients displaced by recent budget cuts, Controller John Chiang said in a letter to the Department of Health Care Services. Read previous audit and related story.


Controller Questions LACCD Bond Spending

A Controller's Office audit of the Los Angeles Community College District found several problems involving more than $140 million in spending related to three bond measures. Read news release. Read audit (21MB).


State Revenues Below Budget Projections

State Controller John Chiang has released his monthly report covering California's cash balance, receipts and disbursements in July, showing revenues were down $538.8 million (-10.3 percent) below projections from the recently passed state budget. Read news release. Read summary analysis.


Community College Employees' Compensation Info Requested

Controller John Chiang and California Community Colleges Chancellor Jack Scott have requested data on community college employees' compensation for eventual publication on the Controller’s Office website. Read the letter sent to college chief executive officers.


Audit Reveals Poor Financial Controls at CDCR

In an audit, State Controller John Chiang found a lack of internal control policies and procedures at the California Department of Corrections and Rehabilitation (CDCR), putting millions of public dollars at risk of fraud and misappropriation. Read news release. Read audit.


Controller Releases June Cash Update

State Controller John Chiang has released his monthly report covering California’s cash balance, receipts and disbursements in June and for the complete 2010-2011 fiscal year. Read news release. Read analysis.


Learn More About State Government Salaries

Controller John Chiang now offers a database showing the salary, pension benefits and other compensation for 256,222 State of California employees as well as 123,406 California State University (CSU) employees.

Last October, the Controller collected and posted wage information for more than 600,000 city and county employees. He also added 2,379 special districts’ payroll earlier this year. Read news release.


Controller: Budget Did Not Balance; Lawmakers' Pay Forfeited

State Controller John Chiang announced on June 21 that his analysis of the State budget vetoed on June 16 shows the spending plan was incomplete and unbalanced. His analysis sought to determine whether the budget met the requirements of Proposition 25 and Proposition 58, which forfeit Legislative pay if a balanced budget is not passed by June 15.

"My office’s careful review of the recently-passed budget found components that were miscalculated, miscounted or unfinished,” Chiang said. “The numbers simply did not add up, and the Legislature will forfeit their pay until a balanced budget is sent to the Governor." Read news release. Read analysis.


Controller Chiang Releases May 2011 Cash Update

State Controller John Chiang has released his monthly report covering California’s cash balance, receipts and disbursements in May 2011.

Total revenues for the month were $408.3 million above (5.9 percent) estimates found in the May Revision of the Governor’s proposed 2011-12 budget.

Sales taxes were over projections by $305.9 million (9.0 percent) in May, and personal income taxes were up $12.3 million (0.4 percent). Corporate taxes were down $11.1 million (-3.9 percent).

The State faced a $14.9 billion cash deficit on May 31. That deficit was covered by $7.1 billion of internal borrowing – short term loans from special funds – and $7.8 billion of external borrowing. 


Controller Chiang Releases April 2011 Cash Update

Controller John Chiang has released his monthly report covering California’s cash balance, receipts and disbursements in April 2011.

Total receipts for the month were $397.6 million above (4.0 percent) estimates found in the Governor’s proposed 2011-12 State Budget.  Sales taxes were over projections by $45.2 million (5.0 percent) in April, and personal income taxes were up $272.7 million (4.0 percent). Corporate taxes were down $48.2 million (-3.1 percent).

The State faced a $17.8 billion cash deficit on April 30. That deficit was covered by $7.8 billion of internal borrowing – short term loans from special funds – and $10 billion of external borrowing.


April 2011 California Personal Income Tax Daily Revenue Tracker

Personal income taxes for the 2009-10 fiscal year comprised 52.58% of all State General Fund revenues. Of those receipts, 16.02% arrived during the month of April.

Because these receipts are so important to the State's fiscal situation, State Controller John Chiang provides a daily tally of this month’s personal income tax revenues as compiled and reconciled by the State Controller's Office. Year-to-date figures for April 2011 and April 2010 are included for year-over-year comparison.

For the latest numbers, visit the Controller's April 2011 California Personal Income Tax Daily Revenue Tracker page.


Controller Chiang Releases March 2011 Cash Update

Controller John Chiang today released his monthly report covering California’s cash balance, receipts and disbursements in March.

Total receipts for the month were $370 million lower (-5.8 percent) than estimates found in the Governor’s proposed 2011-12 State Budget.  Sales taxes were up $9.7 million (0.5 percent) in March, and personal income taxes came in $1.2 billion above (144.7 percent) estimates. The drop in revenues was caused by corporate taxes, which were down $387.6 million (-19.7 percent), and the cancelled sale and lease-back of State properties that was slated to generate $1.2 billion in March.

The State faced a $19 billion cash deficit on March 31. That deficit was covered by $9 billion of internal borrowing – short term loans from special funds – and $10 billion of external borrowing.


Controller Chiang Releases February 2011 Cash Update

State Controller John Chiang has released his monthly report covering California’s cash balance, receipts and disbursements in February 2011.

Total receipts for the month were $139.4 million lower (-2.4 percent) than estimates found in the Governor’s proposed 2011-12 State Budget. Sales taxes were down $247.2 million (-7.1 percent) in February, and corporate taxes were down $134 million (-49.6 percent). Personal income taxes came in $250 million above (14.4 percent) estimates.

The State faced a $19.2 billion cash deficit on February 28. That deficit was covered by $9.2 billion of internal borrowing – short term loans from special funds – and $10 billion of external borrowing.



Information on Minimum Wage Court Ruling:

Controller Issues Statement on Decision by Gov. Brown to Dismiss Minimum Wage Case

Controller Issues Statement on Court Ruling Delaying Minimum Wage

Controller Files Opposition Papers Against Minimum Wage Order

Controller Files Cross-Complaint Charging DPA Pay Letter is Illegal

Controller Chiang's Statement on the Third District Court of Appeal Minimum Wage Ruling

Response to the Department of Personnel Administration's Draft Minimum Wage Letter



Controller Chiang Releases January 2011 Cash Update

State Controller John Chiang has released his monthly report covering California’s cash balance, receipts and disbursements in January 2011.

Total receipts for the month were $714.5 million, or 8.1 percent higher than estimates found in the Governor’s proposed 2011-12 State Budget. Sales taxes were up $192.4 million (19.2 percent) in January, but corporate taxes were down $69.2 million (-16.4 percent).

“January revenues rose above expectations, but unemployment has remained in the double digits. And while the stock market was up, January corporate taxes were down,” said Chiang. “These mixed messages tell us we still have a long way to go. We urgently need a solid budget with real solutions for California.”


Information on the Redemption of Registered Warrants (IOUs) Issued by the State During the 2009 Cash Crisis

As of November 10, 2010, the State Treasurer’s Office is no longer redeeming Registered Warrants (IOUs) issued by the State of California during the 2009 cash crisis.

Persons still holding a Registered Warrant can contact the agency that initially issued the IOU and request that it be reissued as a regular warrant. If you do not know the name of the issuing agency, you can contact the Disbursements Bureau of the State Controller’s Office at (916) 445-7789 with the Registered Warrant number, and a Bureau employee can provide you with the name of the issuing agency and its public contact information.


Controller Chiang Releases December 2010 Cash Update

State Controller John Chiang has released his monthly report covering California’s cash balance, receipts and disbursements in December 2010. Receipts for the month were $562.5 million, or -5.8 percent, below estimates found in the 2010-11 State Budget.


Controller Chiang Releases November 2010 Cash Update

State Controller John Chiang has released his monthly report covering California’s cash balance, receipts and disbursements in November 2010. Receipts for the month were $1.3 billion, or 19.4 percent, above estimates found in the recently-enacted State Budget. Some of that increase is likely accelerated revenues that otherwise would be received in December.


Controller's Cash Update Charts for Governor-Elect's December 8, 2010, State Budget Briefing

Cash Update Charts


Controller Releases October 2010 Cash Update

State Controller John Chiang has released his monthly report covering California’s cash balance, receipts and disbursements in October 2010. Receipts for the month were $232.3 million, or 4.6 percent, above the recently enacted State Budget estimates.

“The record 100 day budget stalemate pushed us past the point of having enough cash on hand to pay more than $8 billion in outstanding bills that came due when the budget was signed,” said Controller Chiang.” “Thankfully, the State received the proceeds from an interim cash flow borrowing that allowed us to start paying the $5.5 billion in payments delayed by the budget for tax refunds, community colleges and school districts.”

Corporate taxes were up $26.8 million (8.8 percent), personal income taxes came in $63.8 million above (1.8 percent) estimates, and Sales and use tax revenues were $108.7 million above (13.1 percent) estimates.

Expenditures for the fiscal year were $768 million more than Budget Act estimates. However, the budget assumed that billions of payments would be deferred from October to November until the State could obtain an external cash flow borrowing. The State obtained the proceeds of an interim cash flow borrowing on October 28, which allowed the Controller to make payments in October, and the variance will be offset in the future.

The State’s $17.5 billion cash deficit is being covered by $10.8 billion of internal borrowing and $6.7 billion in external borrowing.

October 2010's financial statement and the summary analysis can be found on the Controller's website at www.sco.ca.gov.


Controller Releases September 2010 Cash Update, Launches New Web Pages Showing Status of Payments and Answering Frequently Asked Questions.

State Controller John Chiang has released his monthly report covering California’s cash balance, receipts and disbursements in September 2010. The Controller also has launched new Web pages with information on the status of payments and payment delays, and answering frequently asked payment questions following the enactment of the Fiscal Year 2010-11 State Budget.


PREVIOUS INFORMATION:

What the Controller Can and Cannot Pay Without an Enacted State Budget (Now Updated for October 2010)

Controller John Chiang has created a new Web page to outline what bills the Controller can and cannot pay during the month of October 2010 until a State budget is enacted for the 2010-11 fiscal year, which began July 1.

Previously posted September 2010 payments page

Previously posted August 2010 payments page

Previously posted July 2010 payments page


Controller Chiang Releases State Cash Report for August 2010

State Controller John Chiang has released his monthly report covering California’s cash balance, receipts and disbursements in August 2010. The month brought welcome news for California’s ability to continue to meet its payment obligations in the near term, with revenues rising above the Governor’s May Revision estimates by $264.6 million, or 3.9 percent.

Total disbursements for the fiscal year were also running behind projections. After adjusting the Governor’s May Revision to reflect the absence of a spending plan in July and August, disbursements through August 31 were $1.2 billion below estimates.

“For the time being, Californians will be spared the pain and expense of a second round of IOUs,” said Controller Chiang. “But the budget gridlock continues to harm thousands of Californians while hampering our economic recovery. The Governor and Legislature should not view this short reprieve as an invitation to break the budget deadlock record.”

Earlier projections showed the State without enough cash on hand to cover all of its bills in late October 2010, which could have forced the Controller to begin issuing IOUs in early September.

But August cash totals were high enough to remove the immediate threat of IOUs. The Controller will continue to monitor cash on a daily basis, and may still have to issue IOUs for state payments in early October.

Personal income tax revenues came in above estimates by $119.5 million (4.1%). Corporate taxes were down $151 million (-117%), and sales taxes came in $124.8 million above (3.8%) estimates.

August 2010's financial statement and the summary analysis can be found on the Controller's website at www.sco.ca.gov.


Controller Releases July 2010 Cash Figures

Controller John Chiang has released his monthly report covering California’s cash balance, receipts and disbursements in July 2010. The month’s revenues were below the Governor’s May Revision estimates by $91 million, or 1.9 percent.

“While July’s numbers do not radically change our cash position, the failure to pass a timely budget remains the biggest threat to California’s finances,” said Chiang. “I urge the Governor and Legislature to show leadership by immediately addressing the potential cash crisis.”

The Legislature passed and the Governor signed a series of scheduled payment deferrals earlier this year. That legislation calls for an October education deferral to be accelerated into September if necessary to maintain the State’s cash flow. When that payment is deferred in September, the State is projected to maintain safe cash levels into October.

Yet without a balanced budget that allows the State to begin its regular cash-flow borrowing, the State may still have to take extreme measures to manage cash, including IOUs, by late August or early September.

Personal income tax revenues were $210 million below (-6.6%) estimates. Corporate taxes were up $86 million (37.4%), and sales taxes came in $69 million above (6.6%) estimates.

Expenditures were running $963 million ahead of estimates through July 31. The State’s $13.7 billion cash deficit is being covered entirely by internal borrowing.

July 2010's financial statement and the summary analysis can be found on the Controller's website at www.sco.ca.gov.


Controller Releases June 2010 Cash Figures

State Controller John Chiang has released his monthly report covering California’s cash balance, receipts and disbursements in June 2010. The month’s revenues were below the Governor’s May Revision estimates by $54.6 million, or 0.5 percent.

“California’s cash position is stable today, but that could be short-lived,” said Chiang. “The Governor and Legislature’s lack of urgency in adopting an honest budget could pave the way to a completely avoidable cash crisis later this year.”

Personal income tax revenues were $333 million better (6.1%) than anticipated. Corporate taxes were down $156 million (-7.5%), and sales taxes dropped $153 million (-5.7%).

Expenditures were running $1.36 billion behind estimates through June 30. The State’s $9.9 billion cash deficit is being covered entirely by internal borrowing.

June 2010’s financial statement and the summary analysis can found on the Controller’s Web site at www.sco.ca.gov.


Controller Releases May 2010 Cash Figures

State Controller John Chiang has released his monthly report covering California’s cash balance, receipts and disbursements in May 2010. The month’s revenues rose above the Governor’s May Revision estimates by $592 million, or 9.8 percent.

“May revenues may have been positive, but their small climb represents only three percent of the State’s budget deficit,” said Controller Chiang. “The financial problems before the Legislature and Governor remain just as daunting and time-sensitive as they did a month ago.”

Personal income taxes accounted for most of the jump in May, coming in $392 million above projections for the month.

State expenditures were running $1.15 billion behind estimates through May 31.

The State started the fiscal year with an $11.9 billion cash deficit, which rose to $18.6 billion on May 31, 2010. Those deficits are being covered with a combination of $12 billion of internal borrowing from special funds and $6.0 billion in external borrowing. A revised cash outlook reflecting May’s numbers will be made available early next week.

May 2010's financial statement and the summary analysis can be found on the Controller’s Web site at www.sco.ca.gov.


Controller Advises Governor, Legislative Leaders on Cash Projections

On Wednesday, June 2, State Controller John Chiang sent a letter and chart to the Governor and Legislative leaders, advising them of his latest cash projections based on actual numbers through April and the Governor’s May Revision budget proposal.


Controller Releases April 2010 Cash Figures

State Controller John Chiang has released his monthly report covering California’s cash balance, receipts and disbursements in April 2010. The month’s receipts dropped below the Governor’s 2010-11 budget estimates by $3.6 billion, or 26.4 percent. Through March, the State's revenues were tracking more than $2.3 billion ahead of projections.

“Four months of positive receipts were erased in the last 10 days of April,” said Chiang. “Because a surge in revenues has not come, the Governor and Legislature need to move quickly and forge the consensus needed for a balanced budget. Any delay will only limit their options and expose already struggling Californians to greater harm.”

Year-to-date revenues are now behind estimates by approximately $1.3 billion. Personal income taxes accounted for most of the drop in April, coming in $3.1 billion below projections for the month and $2.2 billion short for the year-to-date.

State expenditures, however, were running $102 million behind estimates through April 30.

The State started the fiscal year with an $11.9 billion cash deficit in the General Fund, which grew to $20.2 billion by April 30. Those deficits are being covered with a combination of $11.4 billion of internal borrowing from special funds and $8.8 billion in short-term Revenue Anticipation Notes.

April 2010’s financial statement and the summary analysis can found on the Controller’s Web site at www.sco.ca.gov.


April 2010 California Personal Income Tax Daily Revenue Tracker

Personal income taxes for the 2008-09 fiscal year comprised 51.31% of all State General Fund revenues. Of those receipts, 16.79% arrived during the month of April.

Because these receipts are so important to the State's fiscal situation, State Controller John Chiang provides a daily tally of this month’s personal income tax revenues as compiled and reconciled by the State Controller's Office. Year-to-date figures for April 2010 and April 2009 are included for year-over-year comparison.

For the latest numbers, visit the Controller's April 2010 California Personal Income Tax Daily Revenue Tracker page.


Controller Releases March 2010 Cash Figures

State Controller John Chiang has released his monthly report covering California’s cash balance, receipts and disbursements in March 2010. The month’s receipts rose above the Governor’s 2010-11 budget estimates by $356 million, or 5.9 percent.

“March numbers were strong on both sides of the ledger. Receipts came in above projections and expenditures came in below,” said Chiang. “But the State’s nagging unemployment rate, combined with the fact that personal income tax revenues are trailing last year’s by nearly $1 billion, tells us the road to recovery will be long and arduous.”

Total State disbursements were $450 million lower than expected. Year-to-date revenues are ahead of budget estimates by $2.3 billion, or 4.1 percent.

In March, the Legislature enacted a package of payment deferrals – largely impacting state, local government, and school operations – to avoid cash shortfalls projected through June 2011. The State Controller, Treasurer and Department of Finance Director jointly decided that no deferrals were necessary in the month of March.

The State started the fiscal year with an $11.9 billion cash deficit in the General Fund, which grew to $22.6 billion by March 31. Those deficits are being covered with a combination of $13.8 billion of internal borrowing from special funds and $8.8 billion in short-term Revenue Anticipation Notes.

March 2010's financial statement and the summary analysis can be found on the Controller’s Web site at www.sco.ca.gov. The State Controller has also launched a tax tracker on his Web site showing daily deposits of personal income tax in the important month of April.


Controller Releases February 2010 Cash Update

SACRAMENTO – State Controller John Chiang has released his monthly report covering California’s cash balance, receipts and disbursements in February 2010. The month’s receipts rose above the Governor’s 2010-11 budget estimates by $480 million, or 8.7 percent.

“Revenues came in above projections for the third month in a row, continuing a positive trend that shows California is on the road to recovering from the recession. Given February’s numbers and recent action from the Legislature to improve the State’s cash flow, Californians should expect to receive their hard-earned tax refunds on time,” Chiang said. “While the worst may be behind us, we still face cash challenges later in the summer absent enactment of further credible and sustainable budget and cash solutions.”

Earlier this month, the Legislature enacted a package of payment deferrals – impacting largely state, local government, and school operations -- to avoid cash shortfalls projected over the next 15 months. Specifically, the bill provides up to $5 billion of additional liquidity during the weakest points in the State’s cash position. Earlier projections showed the State’s cash position falling below safe levels on March 30. The Controller has updated his cash-flow outlook to reflect February’s receipts as well as the Legislature’s payment deferrals.

Year-to-date receipts are ahead of budget estimates by $1.94 billion, or 3.9 percent. The State’s cash position was $2.15 billion ahead of projected levels on February 28.

The State started the fiscal year with an $11.9 billion cash deficit in the General Fund, which grew to $22.3 billion by February 28. Those deficits are being covered with a combination of $13.5 billion of internal borrowing from special funds and $8.8 billion in short-term Revenue Anticipation Notes.

February 2010's financial statement and the summary analysis can be found on the Controller’s Web site at www.sco.ca.gov.


Controller Chiang Provides Cash Outlook Analysis to Governor and Legislators
...Urges Swift Action

On Friday, January 22, State Controller John Chiang provided a new cash outlook analysis to California's Governor and State Legislators.

"While our current cash condition is marginally better than it was one year ago, it is still precarious," Chiang wrote. "I respectfully urge you to swiftly address the State’s projected budget and cash shortfalls for the remainder of the current fiscal year and the next in order to protect California’s economic recovery, continue the financing of public works projects, and prevent Californians hurt by the recession from experiencing even greater financial hardship."

The Controller also wrote, "While reasonable minds may disagree about the solutions, there is no room for debate about the folly of doing nothing. Inaction ignores the projected cash shortfall which we face in less than 70 days, squanders valuable time needed to align State spending with its revenues, and fails to take into account the following:

  • Cash solutions need time in order to be realized. For example, reductions in payments that are scheduled for later in the year cannot help the cash shortage we face in the near term;
  • Inaction compromises the ability to implement the necessary programmatic changes in time to achieve the full year benefit of your 2010-11 solutions;
  • The monthly cash balances displayed on the accompanying chart already include the approximately $20 billion in special funds that are available for internal borrowing. These are the special funds established to address issues that include preventing oil spills, stopping lead poisoning in children, and controlling air pollution. These loans cannot interfere with the operations of the special funds and must be repaid upon demand. In addition, the cash balances of these special funds can drop precipitously and without notice; and
  • If I am forced to implement emergency cash management measures, I must act before the State’s treasury is depleted. Depending on numerous factors, including how much cash needs to be conserved or the market conditions for borrowing, I may have to act weeks in advance of the projected depletion date.

"Late last week, I mailed notices to 89,000 individuals and businesses that unfortunately still have not cashed their registered warrants, or IOUs, from last summer’s cash crisis. I remain hopeful that once the outstanding IOUs are redeemed, we can close this shameful chapter in our State’s history. Only you can prevent history from repeating this year. If solutions are slow to emerge and if they are neither credible nor sustainable, California will once again be unable to timely meet all of its payment obligations and my office will be forced to seek costly emergency financing, or conserve cash by delaying payments or issuing IOUs. With the window narrowing to address the State’s budget and cash challenges, I respectfully request your prompt action. My office is at your service for any help we can provide."

Read the full text of the letter. PDF version of Chart illustrating California's General Fund cash outlook

JPG version of chart illustrating California's General Fund cash outlook

Chart of California General Fund Outlook, illustrating that the State will drop below its $2.5 billion prudent minimum cash balance by $1.3 billion on March 30, 2010.



August 31, 2009, Update:

State of California registered warrants (IOUs) will be payable beginning Friday, September 4, 2009. If you want to receive interest that has been earned on the IOU, you must present the warrant to the State Treasurer's Office at 915 Capitol Mall, Sacramento, CA. You may also mail it to the Treasurer's Office at Attention: Registered Warrant Desk, State Treasurer's Office, 915 Capitol Mall, Sacramento, CA 95814.

For more information about redeeming an IOU, please call the State Treasurer’s Office at 1-888-864-2762 or visit them online at www.treasurer.ca.gov.

August 21, 2009, Update:

Board Approves Controller's Recommendation for Redeeming IOUs

The Pooled Money Investment Board (PMIB) has approved the Controller's recommendation that the State redeem IOUs a month early, beginning September 4.

August 13, 2009, update:

State Controller John Chiang has announced that he has completed “stress testing” the Department of Finance’s cash projections from the State’s newly-revised budget and has determined the new spending plan will provide the State Treasury with enough cash to stop issuing IOUs on September 4, almost one month earlier than expected.

“The State of California owes a debt of gratitude to the thousands of individuals and businesses that were forced to bear the brunt of the State’s chronic fiscal mismanagement,” Chiang said. “Along with short-term loans that are routinely obtained in the fall, this spending plan should provide sufficient cash to meet all of California’s payment obligations through the fiscal year.”

Please see our August 13, 2009, news release for details.


Previous information:

State Forced to Issue Registered Warrants (IOUs)

Without action by the Governor and Legislature to stave off a severe cash deficit, the Controller was forced to issue individual registered warrants, also called IOUs, beginning July 2.

Payment delays, like those used in February to manage a smaller cash crisis, will not provide sufficient resources to meet the State’s obligations.

A registered warrant is a “promise to pay,” with interest, that is issued by the State when there is not enough cash to meet all of the State’s payment obligations. The Controller has developed a number of new Web pages to answer questions about registered warrants.For more information, please see:

Controller's June 24, 2009, News Release

Controller's Registered Warrants Information Pages


Controller Chiang Releases May 2009 Cash Flow Figures

State Controller John Chiang has released his monthly report detailing California’s cash balance, receipts and disbursements in May and through the first 11 months of the fiscal year. In May, revenue was $827 million below the latest projections found in the Governor’s May Budget Revision.

The Controller has met with Governor Schwarzenegger and Legislators to brief them on the State’s immediate cash problem. He also sent a letter to State leaders with new cash projections that continue to show the State exhausting all available cash by late July. The State is now projected to run $2.78 billion into the red on July 31.

Controller's June 10, 2009, Letter to the Governor and Legislative Leaders


Chiang Warns that Legislature Must Act Quickly on Fiscal Solutions

Controller Chiang has sent a letter to Legislators and the Governor warning that without legislative solutions in place quickly:


Controller's Previous Statements and Actions on Fiscal Issues and Payments

Previously posted fiscal information: