Controller Malia M. Cohen Issues October Cash Report

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 October 31, 2024.

Receipts for the fiscal year through October exceeded estimates contained in the 2024-25 Budget Act by $8.9 billion, or 15.8 percent. Fiscal year-to-date disbursements were $10 billion, or 14.2 percent, higher than anticipated in the Budget Act.

"California's revenue receipts for the fiscal year through October continued to trend above budget estimates," said Controller Cohen. "While expenditures were also higher than projections, California continues to maintain a substantial amount of available borrowable resources which signal a continued ability to meet all state payment obligations."

As of October 31, the state had $97.4 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.

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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