Last Friday, the State Controller’s Office released its monthly report detailing California’s cash balance, receipts and disbursements for October 2013. Revenues for the month totaled $5.3 billion, exceeding projections contained in the governor’s proposed 2013-14 state budget by $510.5 million (10.7 percent). The report shows personal income tax revenues $438.9 million above (11.8 percent) monthly estimates, while corporate income taxes came in $16 million below (8.9 percent) projections.Sales tax receipts in August were up $53.2 million (7.4 percent).

The first four months of the fiscal year brought in revenue of $25.5 billion, which exceeds estimates by $603.7 million. As of October 31, the state’s cash deficit totaled $18.3 billion, which was covered through internal borrowing from other funds, and is a decrease from the cash deficit recorded in October 2012 at $24.7 billion.

If you have any questions on this issue, please do not hesitate to contact Kevin Gould, CBA’s SVP and director of state government relations, at kgould@calbankers.com or (916) 438-4410.