State Controller’s Office Releases May Cash Update
The state controller’s office (SCO) released its monthly report Wednesday detailing California’s cash balance, receipts and disbursements for May 2013. Revenues for the month totaled $7.27 billion, exceeding projections contained in the governor’s proposed 2013-14 state budget by $799.1 million (12.4 percent).The report shows personal income tax revenues $596.6 million above (20.5) monthly estimates and corporate income taxes at $22.6 million above (8.4 percent) projections.Sales tax receipts in May also exceeded expectations by $17.8 million (0.6 percent). The SCO noted estimated taxes, payments on final returns and withholding all surpassed estimates, while the amount of tax refunds was much smaller than expected.
The state ended the last fiscal year with a cash deficit of $9.6 billion. As of May 31, that cash deficit totaled $3.2 billion and which was covered through external borrowing.
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.