ALAMEDA, Calif. — In what has become something of an annual Sacramento ritual, California Controller John Chiang released a letter to lawmakers and the governor warning of the negative consequences of failing to enact a budget that is both on time and balanced.

“Should the Legislature and governor fail to forge a timely budget agreement, the state will face another debilitating cash ­crisis for a fourth consecutive year and expose California’s taxpayers and economic recovery to the risk of IOUs, delayed ­payments, and further credit ­rating downgrades,” Chiang wrote this week.

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