Last Thursday, the State Controller’s Office released its monthly report detailing California’s cash balance, receipts and disbursements for December 2013. Revenues for the month totaled $10.6 billion. Revenues exceeded state budget projections by $2.3 billion (27.7 percent). The report shows personal income tax revenues $987.5 million above (16.5 percent) monthly estimates, and corporate receipt balances above estimates by $188.8. Sales tax receipts in November exceed projections by $700 million coming in at $1.1 billion (178.7 percent).

Total revenues for the fiscal year-to-date were $2.5 billion ahead (6.4 percent) of budget estimates. As of December 31, the state’s cash deficit totaled $18.3 billion, which was covered through both internal and external borrowing, and is a decrease from the cash deficit recorded in December 2012 at $24.2 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.