SACRAMENTO, CA (MPG) – California State Controller Malia M. Cohen released her monthly cash report covering the state’s General Fund revenues, disbursements and actual cash balance for the fiscal year through May 31.

As noted in the controller’s monthly statement of General Fund cash receipts and disbursements, receipts for the fiscal year through May were higher than estimates contained in the 2025-26 May Revision by $640.1 million or 0.3 percent. Fiscal year-to-date expenditures were $3.3 billion, or 1.7 percent, lower than the governor’s budget estimates. The state started the fiscal year with a $14.7-billion General Fund cash balance and ended May with a $21.7-billion balance.

“Even with rising economic uncertainty at home and abroad, the state’s strong cash position and its ability to pay its bills on time and in full continue with revenues and spending meeting expectations.” Cohen said. “With the Legislature currently finalizing its spending plan for the fiscal year beginning on July 1, I encourage continued fiscal restraint coupled with maintaining reserves in the event the state faces increased volatility in its revenues or spending.”

For the fiscal year through May, personal income tax receipts were $374.4 million above May revision projections or 0.3 percent. Corporation tax collections were $225.3 million or 0.8 percent above estimates. Retail sales and use tax receipts were $255.3 million below recent projections or 0.8 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 Los Angeles County individuals and businesses in response to the fires that began on Jan. 7. These individuals and businesses have until Oct. 15 to file and pay taxes.

As of May 31, the state had $91.5 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.