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State Controller Releases Update on State’s Fiscal Condition

The state controller’s office released its monthly report Wednesday detailing California’s cash balance, receipts and disbursements for March 2013.Revenues for the month of February came in $395.5 (7.2 percent) above the estimates found in the governor’s proposed 2013-14 state budget, and total revenues for the fiscal year through the end of March were $4.7 billion ahead of the governor’s estimates.The report showed corporate taxes came in $81.9 million (5.8 percent) above monthly estimates, while sales tax receipts were $132.1 million (-8.0 percent) below estimates. Personal income taxes exceeded estimates by $324.1 million (14.8 percent).

The state ended the last fiscal year with a cash deficit of $9.6 billion. As of February 28, that cash deficit totaled $15.2 billion and was covered with $5.2 billion of internal borrowing (temporary loans from special funds), and $10 billion of external borrowing.

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

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