State Controller Details California’s September Revenues
The State Controller’s Office released its monthly report on October 10, detailing the state’s cash balance, receipts and disbursements for September 2014. Revenues for the month totaled $9.8 billion, exceeding state budget projections by $671.4 million (7.4 percent). Income tax revenues were $350.6 million (6.1 percent) above estimates, and corporate taxes recorded higher than expected by $173.7 million (18.5 percent). Sales tax revenues for September surpassed projections by $228.6 million (12.4 percent).
The report shows that revenues at the close of the first quarter of the fiscal year totaling $21.8 billion — outpacing budget forecasts by $533.2 million (2.5) percent. As of September 30, the General Fund accumulated outstanding loans of $13.4 billion ($2.4 below expected borrowing needs for the first fiscal quarter). This was covered with $10.6 billion in borrowing from internal state funds and $2.8 billion borrowed from banks and other outside investors.
If you have any questions, please contact Kevin Gould, CBA’s senior vice president and director of state government relations, at email@example.com or (916) 438-4410.