Update on State’s Fiscal Condition
On February 8, the State Controller’s Office (SCO) released its report on the state’s financial status detailing the cash balance, receipts and disbursements for January 2013.Total revenues for the month were $4.3 billion (39.1 percent) above estimates found in the governor’s proposed 2013-14 state budget. Personal income taxes in the month of January came in $4.8 billion above (54.7 percent) monthly estimates contained in the governor’s latest budget proposal.Corporate taxes came in $11.4 million (45.5 percent) above thosemonthly estimates, and sales tax receipts came in $582.7 million (27 percent) below projections.
The positive numbers are attributed in part to increased auto sales, rising home values and increased construction.
California ended the last fiscal year with a cash deficit of $9.6 billion. As of January 31, that cash deficit totaled $15.7 billion and was covered with $5.7 billion of internal borrowing (temporary loans from special funds), and $10 billion of external borrowing.
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 email@example.com or (916) 438-4410.