Controller Malia M. Cohen’s December Cash Report Shows Revenue Collections Outpace Estimates Through First Half of the Fiscal Year

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 December 31, 2024.

As noted in the Controller's Monthly Statement of General Fund Cash Receipts and Disbursements, receipts for the fiscal year through December were higher than estimates contained in the 2024-25 Budget Act by $17.6 billion, or 19.6 percent. Fiscal year-to-date expenditures were $9.8 billion, or 9.2 percent, above Budget Act estimates.

"At the halfway point of the fiscal year, California's revenues have outperformed Budget Act expectations due in large part to strong personal income tax and corporation tax receipts," said Controller Cohen. "The state's strong cash position also continues, reflecting prudent reserves built up and maintained by the Legislature and Governor for economic downturns, and bolstering my office's ability to manage payments."

For the fiscal year through December, personal income tax receipts were $6.5 billion above Budget Act projections, or 13.6 percent. Corporation tax collections were nearly $1.2 billion, or 9.1 percent higher than estimates. Retail sales and use tax receipts were $331.1 million higher than estimates, or 2.1 percent.

As of December 31, the state had $94.6 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 February 10, 2025, and include cash receipts and disbursements through January - will compare actual cash receipts to updated estimates contained in the Governor's 2025-26 proposed budget.

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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