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State Controller Releases Revenue Report for November 2014

Last Tuesday, the State Controller’s Office released its monthly report detailing the state’s cash balance, receipts and disbursements for November 2014. Revenues for the month totaled $6.4 billion, which were lower than state budget projections for the month by $154.7 million (2.3 percent). The report shows income tax revenue $259.5 million (7.3 percent) below estimates; corporate taxes exceeded predictions by $163.8 million (205.3 percent); and sales tax came in lower than anticipated by $103.3 million (3.7 percent).

As of November 30, total state revenues were $1 billion (3.1 percent) above estimates. The General Fund accumulated outstanding loans of $18.5 billion, $2.7 billion less than the state expected, which was financed with $15.7 billion borrowed from internal sources 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.

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