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 April 30, 2025.

As noted in the Controller’s Monthly Statement of General Fund Cash Receipts and Disbursements, receipts for the fiscal year through April were higher than estimates contained in the 2025-26 Governor’s Budget by $5.6 billion, or 3.1 percent. Fiscal year-to-date expenditures were $6.9 billion, or 3.6 percent, lower than Governor’s Budget estimates.

“While good news persists with California’s year-to-date revenues continuing to meet expectations, it’s not the time to put on rose-colored glasses,” said Controller Cohen. “California’s recent rise to holding the fourth-largest GDP in the world means that we both lead in the global economy and are affected by the global economy. With rising economic uncertainty in the United States and abroad, we need to stay the course with prudent budgeting and maintaining reserves to brace against potential future shortfalls.”

For the fiscal year through April, personal income tax receipts were $4.3 billion above Governor’s Budget projections, or 4.3 percent. Corporation tax collections were $478.6 million, or 1.7 percent below estimates. Retail sales and use tax receipts were nearly $1.3 billion below recent projections, or 4.7 percent.

As noted on the State Controller’s April 2025 Personal Income Tax Tracker webpage, the state collected $18.1 billion in personal income tax receipts and withholdings net of refunds in April, surpassing the Governor’s Budget estimates by $739.1 million. While April 15 is the traditional annual personal income tax payment deadline, the Franchise Tax Board extended the current deadline for Los Angeles County individuals and businesses in response to the fires that began on January 7, 2025. These individuals and businesses have until October 15, 2025, to file and pay taxes.

As of April 30, the state had $91.7 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.

The Controller’s next cash report – which will be issued by June 10, 2025, and include cash receipts and disbursements through May – will compare actual cash receipts to updated estimates contained in the Governor’s 2025-26 May Revision.

Summary Chart follows:

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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