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 February 28, 2025.

As noted in the Controller’s Monthly Statement of General Fund Cash Receipts and Disbursements, receipts for the fiscal year through February were higher than estimates contained in the 2025-26 Governor’s Budget by $4.2 billion, or 3 percent. Fiscal year-to-date expenditures were $3.5 billion, or 2.3 percent, lower than Governor’s Budget estimates. 

“For the month of February and through the fiscal year-to-date, state revenues slightly outperformed the most recent budget estimates while spending was lower than forecasted” said Controller Cohen. “While better-than-expected revenues and our strong cash position are welcome news, California faces economic uncertainty and potential budget impacts from the ongoing Los Angeles County wildfires recovery and rebuilding efforts. The state’s strong cash position – largely attributed to reserves that the Legislature and Governor have saved – continues to provide stability in managing the state’s payments.”

For the fiscal year through February, personal income tax receipts were $3.1 billion above Governor’s Budget projections, or 4 percent. Corporation tax collections were $15.7 million, or 0.1 percent above estimates. Retail sales and use tax receipts were $362.2 million below recent projections, or 1.6 percent. 

As of February 28, the state had $92.7 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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