Last Tuesday, the state controller’s office released their monthly report detailing the state’s cash balance, receipts and disbursements for May 2014.

Total revenues of $6.7 billion came in below forecasts contained within the governor’s budget by $389.1 million (5.5 percent) for the month. Year-to-date, revenues still remain above expectations by $1.8 billion (2.1 percent). Income tax collections were $254.2 million (7.4 percent) below estimates; corporate taxes were also below expectations by $177.6 million (99.8 percent); and sales taxes failed to meet expectations coming in $98.6 million (3.1 percent) lower than anticipated.

The cumulative cash deficit for the state as of May 31 was $8.5 billion — $1.4 billion less than projected at the beginning of 2014. This deficit continues to be covered using a combination of internal and external sources.  

If you have any questions on this issue, please do not hesitate to contact Kevin Gould, CBA’s senior vice president and director of state government relations, at kgould@calbankers.com or (916) 438-4410.