The 2026-27 Budget: California's Fiscal Outlook

Nov 19, 2025 - Instead, our forecast includes income tax collections that are somewhat weaker than suggested by cash trends, but still tens of billions of dollars above where they would be if stocks actually drop significantly.
https://lao.ca.gov/Publications/Report/5091

An Update on California’s Cash Management Situation

Aug 31, 2020 - While uncertainty about the state ’s budget and cash situations is still high, the state ’s cash management outlook for 2020-21 is positive. Positive Cash Management Outlook General Fund Cash Position.
https://lao.ca.gov/Publications/Report/4266

The 2026-27 Budget: Overview of the Governor's Budget

Jan 12, 2026 - That said, recent budgets have set the SFEU bet ween $3.5  billion and $4.5  billion, so the Governor ’s budget proposal to set the balance to $4.5  billion is generally in line with recent policy.
https://lao.ca.gov/Publications/Report/5101

The 2025-26 Budget: Overview of the Spending Plan

Oct 16, 2025 - However, on a cash basis, these costs would still be paid in 2025‑26 as they are incurred. Like other budget maneuvers, this creates a misalignment between the state’s cash position and its budgetary costs.
https://lao.ca.gov/Publications/Report/5079

Managing California’s Cash

Sep 3, 2019 - Once monies are disbursed, they are no longer available for cash flow borrowing. Recent Borrowing from State’s Cash Pool Reflecting the state ’s positive cash situation, the balance of the state ’s cash pool —the PMIA —has increased in recent years.
https://lao.ca.gov/Publications/Report/4092

The Quiet Transformation in California’s Cash Management

Aug 29, 2019 - Larger Budget Reserves Structurally Changed California ’s Cash Management As with the state ’s budget position, there is a cyclical quality to California ’s cash condition. The state ’s cash situation is often revealed by the tools the State Controller employs for cash management, which we describe as falling along a spectrum.
https://lao.ca.gov/Publications/Report/4091

California’s Cash Flow Crisis: May 2009 Update [Publication Details]

May 7, 2009 - California’s Cash Flow Crisis: May 2009 Update [Publication Details] Video Description: In part because state revenue collections have been weaker than expected since passage of the February budget package, major cash flow difficulties loom for California in the summer and fall of 2009.
https://lao.ca.gov/Publications/Detail/2056

California’s Strong Revenue Trends Mask Looming Budget Risk [Publication Details]

Jan 23, 2026 - In this installment of Fiscal Perspectives, the Legislative Analyst describes how the LAO’s revenue estimates represent a hedge against downside stock market risk and why—despite current cash trends—caution matters given the state’s large, ongoing structural deficit.
https://lao.ca.gov/Publications/Detail/5104

California’s Strong Revenue Trends Mask Looming Budget Risk

Jan 23, 2026 - In this installment of Fiscal Perspectives, the Legislative Analyst describes how the LAO’s revenue estimates represent a hedge against downside stock market risk and why—despite current cash trends—caution matters given the state’s large, ongoing structural deficit.
https://lao.ca.gov/Publications/Report/5104

The 2019-20 Budget: Undoing California’s Outstanding Budgetary Deferrals

Mar 26, 2019 - (Budgetary deferrals are different than cash deferrals, in which the state makes payments late by weeks or months within the same fiscal year for cash flow purposes.) Budgetary deferrals result in an obligation that the state can eventually repay.
https://lao.ca.gov/Publications/Report/3988