State Books Balanced for 2009-10 (Well Sort of)

Byuclafaculty


The latest and last cash report for the fiscal year 2009-10 that ended June 30 has been released by the state controller. You can find it at:

http://www.sco.ca.gov/Files-ARD/CASH/fy0910_june.pdf

To cut to the chase, revenues were around $87 billion and disbursements were around $87 billion. (I have excluded inflows of non-revenues which are mainly grabs from various funds and reserves outside the general fund.) So a rough balance was achieved.

Now, it is true that the revenues included the outcomes of tax increases that are scheduled to expire in the future. And it is true that gimmicks such as moving the payroll from June 30 to July 1 are reflected, along with accelerated withholding. But it wasn’t clear when the budget was passed last summer (late as usual), that even with smoke and mirrors the end result would be a rough balance. So we have something of an achievement here. It could have been worse.

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Byuclafaculty

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