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.