And While We Await the Governor
The state controller has issued a cash report that more revenue to the tune of about $2.5 billion arrived in the first six months of 2013-14 than was projected in the budget last June. Blog readers will recall that the governor insisted on conservative projections of revenue. Note that the really big revenues will arrive around (income) tax time in April. If you looked at the reserve in the general fund at the moment, as seen by the controller, it is negative $18.3 billion, covered by internal and external borrowing. As many have noted, California is heavily dependent on the…