jimmywayne, Flickr

California Capitol Dome in Sacramento

California is running out of cash, according to the man who keeps track of the state's finances, Controller John Chiang.

In a letter to state legislators, Chiang wrote that the state will be $730 million in the red by March 8.

The reason for the shortfall? Tax revenues are $2.6 billion less than the state anticipated.

He said that the state can come up with the $3.3 billion it needs to remain in the black — if it delays some payments and if the Legislature approves Senate Bill 95, which "enables $865 million of borrowing from existing state accounts," according to the Sacramento Bee.

Chiang says the plan "is not an ideal solution," but is "a measured course of action."

And he warned, "More cash solutions may be required if our revenues continue to erode or if disbursements significantly exceed estimates."