Last Thursday, the State Controller’s Office released its monthly report detailing the state’s cash balance, receipts and disbursements for June 2014.

Revenues totaled $14.8 billion, exceeding state budget projections by $304 million (2.1 percent) for the month. The report shows income tax revenue was $635 million (7.4 percent) above estimates; corporate taxes exceeded predictions by $289 million (13.2 percent); and sales tax failed to meet expectations coming in $265.8 million (11.6 percent) lower than anticipated.

As of June 30, the General Fund totaled $1.9 billion in cash, ending the fiscal year with a surplus for the first time since 2007.

If you have any questions, please contact Kevin Gould, CBA’s senior vice president and director of state government relations, at kgould@calbankers.com or (916) 438-4410.