Press Releases

SACRAMENTO — State Controller Malia M. Cohen releases her monthly cash report covering the state’s General Fund revenues, disbursements and actual cash balance for the fiscal year through January 31, 2025.

As noted in the Controller’s Monthly Statement of General Fund Cash Receipts and Disbursements, receipts for the fiscal year through January were higher than estimates contained in the 2025-26 Governor’s Budget by $3.2 billion, or 2.5 percent. Fiscal year-to-date expenditures were $1.1 billion, or 0.8 percent, below the Governor’s Budget estimates.

 "The cash report for January shows that the state's revenue was short by $37 million while expenditures were up by $203 million. However, the year-to-date revenues and expenditures from July through January align with recently revised budget estimates," said Controller Cohen. "The Governor and Legislature face a challenging road ahead in addressing the uncertain fiscal impacts of the devastating Los Angeles County wildfires, the state’s financial commitments to recovery and rebuilding efforts, and the unpredictability of federal funding for California's programs and services. My office continues to closely monitor the state’s strong cash position, which has been boosted by rainy-day reserves that the Governor and Legislature have maintained to guard against economic volatility."

For the fiscal year through January, personal income tax receipts were $2.3 billion above Governor’s Budget projections, or 3.3 percent. Corporation tax collections were $265.2 million, or 1.5 percent below estimates. Retail sales and use tax receipts were $949 million higher than recent projections, or 5.6 percent.

As of January 31, the state had $99 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.

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As the chief fiscal officer of California, Controller Cohen independently oversees and manages California’s financial resources with integrity and transparency to build trust. The Controller 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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