General information

State Controller’s Office Releases September Cash Update

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.

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