SACRAMENTO — State Controller Malia M. Cohen calls for calm in the wake of recent budget deficit announcements and issued the following statement after releasing the recent Cash Report on December 8:
“Despite reports from various sources indicating a budgetary deficit of approximately $68 billion, the state’s cash position remains strong, and, absent any unforeseen circumstances, the state has sufficient cash to pay its bills and meet its financial obligations through the end of the fiscal year.”
She continued: “As chief fiscal officer, one of my duties is to track and report on the state’s actual cash balance. In that regard, the state currently has more than $91.4 billion in available borrowable resources, due in large part to the Governor’s and Legislature’s foresight in building prudent rainy-day reserves in the Budget Stabilization Account. While legislators will have difficult choices to make in the new year, I am confident they will be deliberate in addressing the budget challenges before them, and I urge them to protect, to the extent possible, the health and social service programs designed to benefit those who are displaced, without shelter, or otherwise economically disadvantaged.”
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.
Previous Stories:
- Dec 7 – California Now Faces a $68 Billion Budget Deficit: California Faces a $68 Billion Deficit. Largely as a result of a severe revenue decline in 2022‑23, the state faces a serious budget deficit. Specifically, under the state’s current law and policy, we estimate the Legislature will need to solve a budget problem of $68 billion in the upcoming budget process.
- Dec 1 – LAO Says California Could have $58 Billion Budget Shortfall
- July 11 – Governor Newsom Signs Infrastructure and Budget Legislation
3 comments
The statement should read
GavinNewsom and his staff are incompetent and corrupt and have run the state into the shitter!
Interesting but not surprising that the Newsom Administration felt it necessary to issue this politically-motivated “press release.”
Are Cohen and LaThorpe related? Same playbook, no need to hold a presser for this.
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