I'm not a California resident but for any of you that are and might want to point out the errors in their ways the following link would be a great start. I didn't analyze the whole report but as of June 2007 it appears your state had tens of billions on hand in various forms. A good place to start asking Arnold questions is why it appears they didn't do their CAFR in June of last year if they did where is it? Every year before that it was like clockwork.
http://www.sco.ca.gov/pubs/ (notice 2008 is missing)
2007's
http://www.sco.ca.gov/ard/cafr/cafr07.pdf
If/when my state starts talking shit you can bet I'll be using theirs against them.