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Chiang Releases November Cash Figures

SACRAMENTO – State Controller John Chiang today released his monthly report detailing California’s cash balance, receipts and disbursements for November 2008.

"November blew away even the most pessimistic estimates, with General Fund revenue down $1.3 billion. These receipts could expand our immediate cash problem by another half a billion dollars, with no recovery in sight," said Controller John Chiang.

"According to projections from last month, all general and special funds will be exhausted by March 2009 when the State runs more than $1.9 billion in the red. But November actuals suggest the State could run out of money as early as February – and face an even larger cash shortfall in March," said Chiang.

Yesterday, the Controller spoke on the State’s financial condition at a Joint Convention of the Senate and Assembly. He called upon legislators to address the State’s entire budget deficit without delay to avoid immediate problems this spring.

Personal income tax revenues for the month of November were $479 million below Budget Act projections, retail sales taxes were down by $630 million, and corporate taxes were up $106 million. By the end of November, the State had $4.1 billion remaining in special funds available for internal borrowing.

The financial report and the summary analysis can be found on the Controller’s Web site at www.sco.ca.gov.