April 1 (Bloomberg) -- California will likely need $11 billion to pay bills in what may be its largest cash-flow borrowing since 2003, state finance officials said.
The state will have exhausted all available cash by August along with $19 billion in internal funds and may need to bridge a $10.6 billion gap between projected monthly expenditures and revenue, state controller John Chiang, a Democrat, said yesterday in a news release.
