State Controller Releases Revenue Report for July 2014
Last Monday, the State Controller’s Office released its monthly report detailing the state’s cash balance, receipts and disbursements for July 2014. Revenues for the first month of the 2014-15 fiscal year totaled $5.4 billion, exceeding state budget projections by $231.9 million (4.5 percent) for the month. The report shows income tax revenue was $244.9 million (6.4 percent) above estimates; corporate taxes exceeded predictions by $38.1 million (13.5 percent); and sales tax also beat expectations coming in $36 million (4.1 percent) higher than anticipated.
As of July 31, the General Fund accumulated outstanding loans of $7.9 billion from internal sources, which was $1.5 billion under budgeted amounts. The state plans to borrow operating funds through revenue anticipation notes as a means to bridge the timing of revenues, however the $2.8 billion needed is at the lowest level since the 2006-07 fiscal year.
If you have any questions, please contact Kevin Gould, CBA’s senior vice president and director of state government relations, at email@example.com or (916) 438-4410.