State should be all right on cash through June. But then...

Receipts for November were $1.3 billion, or 19.4 percent above earlier estimates. In particular, corporate and personal income taxes were way higher than expected, though some of that might have been because of accelerated revenues that were initially due in December. "Barring an unexpected drop in revenues or surge in State payments, we do not face an immediate cash crisis this fiscal year," said Controller John Chiang. By July, the start of the new fiscal year, things are likely to get dicey. That's because much of the federal stimulus dollars will have run their course, and because the state is running out of one-time budget gimmicks. Sooner or later, bills will be coming due: The state faces as much as $500 billion in future pension liabilities, plus billions more for the unemployment insurance fund and health care reforms. Here's the Controller's report.