Reconcile Yourself to the State Budget
You might as well reconcile yourself because you won’t find a reconciliation from any official source between the governor’s accrual budget (released in late June) and the state controller’s cash budget (released today). In theory, there are advantages to accrual accounting over cash accounting in judging performance, whether of a state budget or a corporation. Accidents of timing of receipts and expenditures can distort the results for any given period. For example, there really is no difference in a check arriving on June 30 or July 1. But if you are on a July 1-June 30 fiscal year and look…
