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 kgould@calbankers.com or (916) 438-4410.