California's government cash reserve is still looking good despite having an off month for revenues.
According to Controller John Chiang's just-released cash report, we missed the budget projections for revenue in May by almost $390 million, but we're still ahead for the year because this was the first month revenues were off.
"So we've had a good year, relative to what we've witnessed in prior years," Chiang said.
However, we're ahead of revenue projections by nearly $2 billion for the year to date.
"But we still need to be ever-vigilant. We need to be smart about how we handle our finances," he said.
He also says the economy will go up and down, so it's critical the Legislature spends wisely.