Last Monday, California’s new State Controller Betty Yee released her first monthly report detailing California’s cash balance, receipts and disbursements for December 2014. Revenues for the month totaled $13.1 billion, surpassing budget estimates by $1.9 billion or 17.2 percent. The report shows sales tax receipts of $2.3 billion exceeded estimates by 9.3 percent. With receipts totaling $1.8 billion, corporate taxes exceeded estimates by 38.1 percent and personal income taxes registered $8.6 billion also exceeding budget projections by 17.7 percent. The controller notes that approximately $1.1 billion of personal income and corporate taxes received by the Franchise Tax Board on December 31, 2014, were remitted to the controller on January 2, and will be included in the January 2015 cash report.   

As of December 31, the General Fund cash deficit was $16.0 billion, which was covered by $13.2 billion of internal borrowing 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) 438-441.