State Controller’s Office Releases April Cash Update
Last Thursday, the State Controller’s Office released its monthly report detailing California’s cash balance, receipts and disbursements for April 2014.
Total revenues of $13.9 billion exceeded forecasts contained within the Governor’s Budget by $303 million (2.2 percent) for the month. Year-to-date, revenues surpassed expectations by $2.17 billion (2.8 percent). Income tax collections were $82.9 million (0.8 percent) above estimates; corporate taxes exceeded predictions by $179.6 million (11.9 percent); but sales taxes failed to meet expectations coming in $15.4 million (2.3 percent) lower than anticipated.
The cumulative deficit for the state as of April 30 was $7.6 billion — $2.4 billion less than projected at the beginning of 2014. Using a combination of internal and external sources, the state borrowed $10 billion to cover the $2.4 billion deficit carried over from the prior fiscal year as well as the $7.6 billion gap between total year-to-date revenues and disbursements.
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 firstname.lastname@example.org or (916) 438-4410.