Last Tuesday, the Office of the State Controller released their monthly report detailing California’s cash balance, receipts and disbursements for January 2015. Revenues for the month totaled $12.6 billion, coming in below budget estimates by $138.1 million or 1.1 percent. The report shows sales tax receipts of $129.1 million, also 1.1 percent below estimates. Corporate tax receipts totaled $144.3 million above estimates at 3.7 percent and personal income taxes registered $9.3 million, exceeding budget projections by 0.02 percent. 

As of January 31, the General Fund cash deficit was $10.7 billion, which was covered by $7.9 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.