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.