State Controller’s Office Releases December Cash Update
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 email@example.com or (916) 438-4410.