State Controller’s Office Releases August Cash Update
Last Tuesday, the State Controller’s Office (SCO) released their monthly report detailing California’s cash balance, receipts and disbursements for August 2013. Revenues for the month totaled $6.91 billion, coming in just below projections contained in the governor’s proposed 2013-14 state budget by $27.1 million (.04 percent). The report shows personal income tax revenues $56 million below (1.5 percent) monthly estimates, while corporate income taxes came in at $27 million above (69.2 percent) projections.Sales tax receipts in August were down $62.3 million (2.3 percent), and insurance taxes were up $80.2 million (64.7 percent).
As of August 31, the state’s cash deficit totaled $12.4 billion, which was covered through internal borrowing from other funds, and is down 42 percent from the cash deficit recorded in August 2012 at $21.4 billion.
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 email@example.com or (916) 438-4410.