Last Wednesday, the Office of the State Controller released their monthly report detailing California’s cash balance, receipts and disbursements for February 2015. Revenues for the month totaled $6.6 billion, coming in above 2015-2016 budget estimates by $1 billion or 18.3 percent. The report shows sales and use tax receipts of $3.5 billion, beating expectations by 15.8 percent. Corporate tax receipts for the month totaled $3.6 million and personal income taxes registered $2.6 billion, exceeding budget projections by 26.3 percent. 

As of January 31, the General Fund cash deficit was $11.9 billion, which was covered by $9.1 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) 438-4410.