Chiang releases new cash flow figures

Today state Controller John Chiang updated the state’s official cash balance. For the third month in a row, the state brought in more than it expected — $480 million more, or 8.7 percent above Governor Arnold Schwarzenegger’s budget predictions. Chiang says this means Californians will get their tax refunds on time.

That this is something to celebrate shows how bad things are around here.

Overall, year-to-date receipts have already exceeded budget estimates by $1.94 billion, or 3.9 percent. This figure represents a slight decrease since last month, when the state brought in $2.15 billion more than it expected.

Chiang also released our deficit total — $22.3 billion– which was measured on Feb. 28. That’s a $10.4 billion increase since Jan. 1. It’s now covered by $13.5 billion in internal borrowing, and $8.8 billion in tax-exempt Revenue Anticipation Notes.

See this month’s financial statement and the summary analysis.