State Controller’s Office Releases October Cash Update
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 firstname.lastname@example.org or (916) 438-4410.