CA controller: $$ through August

In a letter today to the governor and legislative leaders, John Chiang says there's enough money on hand to meet payment obligations and maintain a "prudent" cash cushion until the end of the August. That's based on spending estimates and cash receipts. But the controller noted that the positive cash position "does not indicate the state's cash flow is beginning to rebound along with the general economy." A protracted budget impasse could create shortfalls starting in October. That could mean more IOUs. Here's the letter.