Last Thursday, the State Controller’s Office released their monthly report detailing California’s cash balance, receipts and disbursements for September 2013. Revenues for the month totaled $8.5 billion, exceeding projections contained in the governor’s proposed 2013-14 state budget by $426.8 million (5.3 percent). The report shows personal income tax revenues $460.9 million above (9.5 percent) monthly estimates, while corporate income taxes came in at $80.4 million below (9.0 percent) projections.Sales tax receipts in August were up $167 million (9.7 percent).

The first three months of the fiscal year brought in revenue of $20.2 billion, which exceeds estimates by $93.2 million.

As of September 30, the state’s cash deficit totaled $14.7 billion, which was covered through internal borrowing from other funds, and is a decrease from the cash deficit recorded in September 2012 at $22.3 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.