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State Controller Releases August 2014 Revenue Report

Last Tuesday, the State Controller’s Office released its monthly report detailing the state’s cash balance, receipts and disbursements for August 2014. Revenues for the month totaled $6.7 billion, dropping below state budget projections by $370.1 million (5.3 percent). The report attributes this shortfall to a one-time transfer of $343.3 million in sales tax revenues from the general fund to local governments. Income tax revenues were $43.4 million (1.1 percent) above estimates, and corporate taxes far exceeded predictions coming in at $126.1 million (239.1 percent).

As of August 31, the General Fund accumulated outstanding loans of $8.5 billion from internal sources, with $18.3 billion in unused borrowable resources.

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.

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