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 for the fiscal year through March 31, 2024. The state ended March with $86.9 billion in unused borrowable resources, while fiscal year-to-date receipts continue below estimates contained in the 2024-25 Governor’s proposed budget.

“California is three-fourths through its fiscal year and General Fund receipts continue to come in lower than expected,” said Controller Cohen. “Thankfully, the state’s unused borrowable resources remain high thanks to prudent fiscal planning by the Legislature and Governor, and our strong cash position ensures enough is currently available to meet the state’s payment obligations. With April traditionally being the most important month for personal income tax collections, we’re closely watching receipts with the hope of stronger revenues to aid in the difficult budget negotiations.”

The Governor’s Budget estimates that the state will collect $16.3 billion in personal income taxes in April. The State Controller’s Office is posting daily personal income tax receipts and withholding totals net of refunds on its April 2024 Personal Income Tax Tracker webpage.

Fiscal year-to-date receipts through March were $145.4 billion, $5.6 billion below the Governor’s Budget estimates, or 3.7 percent. Disbursements for the fiscal year through March were $167.6 billion, $10.9 billion less than the proposed budget projections, or 6.1 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 Twitter at @CAController and on Facebook at California State Controller’s Office.

###