California Projects No Revenue Note Sale for Next Fiscal Year

California won’t need to issue revenue anticipation notes next fiscal year to raise cash, according to the state’s Legislative Analyst’s Office.

It would be the second year since the mid-1980s in which the state didn’t sell the debt, which it uses to bridge periods when tax revenue falls short of expenditures, according to the office’s report released today.

Last week, Governor Jerry Brown proposed $113 billion of general-fund spending for the most-populous U.S. state for the year starting July 1, the most ever as climbing tax collections filled a surplus.

Brown, 76, sworn in this month to a record fourth term, has guided the world’s eighth-largest economy away from persistent deficits and fiscal turmoil. The state’s credit rating has risen four times in the last two years, the most of any state.

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