Last Tuesday, the State Controller’s Office released its monthly report detailing California’s cash balance, receipts and disbursements for November 2013.

Revenues for the month totaled $6 billion. Revenues fell short of the state budget projections by $375.6 million (5.9 percent). The report shows personal income tax revenues $8.9 million below (0.3 percent) monthly estimates, while corporate receipt balances came down to -$138.6 million (a negative number for any tax program indicates that tax refunds exceeded tax receipts for that month). Sales tax receipts in November were down $398.3 million (13.3 percent).

The first five months of the fiscal year brought in revenue of $31.4 billion, which exceeds estimates by $228.1 million. As of November 30, the state’s cash deficit totaled $19.6 billion, which was covered through internal borrowing from other funds, and is a decrease from the cash deficit recorded in November 2012 at $24.9 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.