The 2018-19 Budget: Repaying the CalPERS Borrowing Plan

Apr 4, 2018 - The administration also allocates interest costs to the entire pool of funds, rather than individual funds. Consequently, some funds will pay more or less than their proportionate shares of interest.
https://lao.ca.gov/Publications/Report/3797

Managing California’s Cash

Sep 3, 2019 - 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. The average daily balance of the PMIA was $97. 7  b illion for the second quarter of 2019, although it was $74. 1  b illion excluding local governments ’ funds.
https://lao.ca.gov/Publications/Report/4092

Whether or Not to Tap Reserves to Solve Estimated Budget Problem Emerges as Key Fiscal Decision Facing California’s Legislature

Apr 19, 2023 - The Fed ’s continued efforts to lower inflation by raising the Fed funds rate has the effect of cooling the economy, which inherently raises the odds of a recession. As a potential precipitating factor to recession, tighter monetary policy can also reveal financial system vulnerabilities.
https://lao.ca.gov/Publications/Report/4762

COVID-19 and California’s Evolving Fiscal Outlook

Mar 18, 2020 - COVID-19 Response Abruptly Brings Economic Activity to a Halt … With regard to the broader economy, the odds of a recession have increased substantially within a short period of time. The suddenness of the pullback in activity across wide swaths of the economy —and especially the various service sectors —is particularly problematic.
https://lao.ca.gov/Publications/Report/4203

Strong Tax Collections Belie California's Challenging Fiscal Outlook

Apr 26, 2022 - History suggests that this is a daunting task, however, and at least raises the odds of a recession. Financial markets, and the yield curve for U.S. Treasury notes in particular, recently have signaled as much.
https://lao.ca.gov/Publications/Report/4590

The 2017-18 Budget: California Spending Plan

Oct 18, 2017 - To make this payment, the budget uses a loan from the state ’s cash balances in the Pooled Money Investment Account (PMIA), which is essentially the state ’s checking account. The budget also makes an initial repayment of $146  million toward the loan, which is counted toward annual required debt payments under Proposition  2 (2014).
https://lao.ca.gov/Publications/Report/3694/1

The Quiet Transformation in California’s Cash Management

Aug 29, 2019 - (In 2017, SB  84 [Committee on Budget and Fiscal Review] authorized a $6  billion loan from the state ’s Pooled Money Investment Account for a supplemental payment to CalPERS. In 2019, AB  1054 [Holden] authorized a loan of up to $10.5  billion for wildfire liability claims.)
https://lao.ca.gov/Publications/Report/4091

The 2024-25 Budget: California's Fiscal Outlook

Dec 7, 2023 - For example, we think the state would have more capacity to make loans from special funds if those loans were made on a pooled basis, rather than on an individual fund  basis. State Has Used Revenue Increases to Address Past Budget Problems.
https://lao.ca.gov/Publications/Report/4819

The 2017-18 Budget: California Spending Plan

Oct 18, 2017 - The loans will be low interest (not to exceed the rate earned by the Pooled Money Investment Account) and are not to exceed $25  million statewide annually. Loans are only available through 2019 ‑20.
https://lao.ca.gov/Publications/Report/3694/8

The 2017-18 Budget: California Spending Plan

Oct 18, 2017 - MRMIP, which was originally conceived as the state ’s high ‑risk pool, provides health insurance coverage to individuals who, prior to the ACA, could not obtain coverage or were charged unaffordable premiums in the individual health insurance market because of their preexisting conditions.
https://lao.ca.gov/Publications/Report/3694/6