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 kgould@calbankers.com or (916) 438-4410.