SACRAMENTO – State Controller John Chiang has released his monthly report covering California's cash balance, receipts and disbursements in November, showing monthly revenues came in $497.7 million above projections in the state budget.

"While November's totals came in 9 percent above projections, they did not erase the fact that we are still running $1 billion behind in revenues and $2 billion ahead in expenditures," said Chiang. "Regardless of whether midyear cuts are enacted next week, the Legislature faces a tremendous fiscal challenge when it returns to session next month."

After accounting for November revenues, total year-to-date general fund revenues are now behind the budget's estimates by $1 billion, but expenditures for the year are over projections by $1.95 billion.

The Controller's Office continues to work with the Department of Finance to identify and prepare for any impact on the state's cash outlook.

The state ended last fiscal year with a cash deficit of $8.2 billion. The combined current year cash deficit stands at $21.5 billion.

Those deficits are being covered with $16.1 billion of internal borrowing (temporary loans from special funds) and $5.4 billion of external borrowing.