SACRAMENTO — 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 June 30, 2025.

As noted in the Controller’s Monthly Statement of General Fund Cash Receipts and Disbursements, receipts for the fiscal year were higher than estimates contained in the 2025-26 May Revision by $3.7 billion, or 1.6 percent. 

Fiscal year-to-date expenditures were $9.7 billion, or 4.3 percent, lower than Governor’s Budget estimates. The state started the fiscal year with a $14.7 billion General Fund cash balance and ended June with a $33.8 billion balance.

“California closed its 2024-25 fiscal year with a positive cash balance and available borrowable resources, which is welcome news as the state faces economic challenges and projected deficits in the years ahead,” said Controller Cohen. “On the spending side of the ledger, our best course of action includes fiscal discipline in order to maintain our strong cash position and rainy-day reserves needed to avoid harsh program cuts in the future, especially when considering the current uncertainty of federal funding.”

For the fiscal year through June, personal income tax receipts were $1.3 billion above May Revision projections, or 1 percent. Corporation tax collections were $714.7 million, or 1.8 percent above estimates. Retail sales and use tax receipts were $115.1 million below recent projections, or 0.3 percent.

The controller continues to note that while April 15 is the traditional annual personal income tax payment deadline, the Franchise Tax Board extended the current deadline for certain Los Angeles County residents and businesses impacted by the fires that began on Jan. 7, 2025. These residents and businesses have until October 15, 2025, to file and pay taxes.

As of June 30, the state had $89.9 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.