Press Releases

SACRAMENTO—State Controller Malia M. Cohen today released her monthly cash report covering the state’s General Fund revenues, disbursements and actual cash balance through the fiscal year through January 31, 2024. The state continues to maintain a healthy $96.4 billion in available borrowable resources, while fiscal year-to-date receipts underperformed estimates contained in the recently released 2024-25 Governor’s proposed budget.
 
“We ended January with a General Fund cash balance of zero and $96.4 billion in available borrowable resources, which shows California currently has the cash-on-hand to meet its payment commitments through the end of the fiscal year,” said Controller Cohen. “While the Legislature and Governor have tough work ahead to come to a balanced budget agreement, their work to maintain strong reserves has bolstered our overall cash position in the face of declining revenues.”

The state began the fiscal year with a $14 billion General Fund cash balance and ended January with an outstanding loan balance of $92.9 million. 
 
Fiscal year-to-date receipts through January totaled $120.3 billion and were $6.7 billion below the Governor’s Budget estimates, or 5.3 percent. Disbursements for the fiscal year through January were $134.4 billion, nearly $5.5 billion less than the proposed budget projections, or 3.9 percent.

Year-to-date personal income tax receipts through January were below the Governor’s Budget expectations by $5.1 billion, or 6.6 percent. Corporate tax receipts are currently $915.1 million below fiscal year estimates, or 4.3 percent. Sales and use taxes are $337.1 million below expectations for the fiscal year, or 1.8 percent.

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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