Controller Malia M. Cohen Issues November Cash Report

California State Controller Malia M. Cohen has released her monthly cash report covering the state’s General Fund revenues, disbursements and actual cash balance for the fiscal year through November 30, 2024.

Receipts for the fiscal year through November exceeded estimates contained in the 2024-25 Budget Act by $7.4 billion, or 10.6%. Fiscal year-to-date disbursements were $11.3 billion, or 13.4%, higher than anticipated in the Budget Act.

“California’s revenue receipts for the fiscal year continue to trend above budget projections, but on the spending side of the ledger, expenditures have been higher than expectations,” said Controller Cohen. “However, the more than $93 billion of available cash on hand in the treasury ensures the state will make good on all of its payments even though expenditures currently exceed budget estimates.”

As of November 30, the state had $93.2 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.