State Controller Releases Update on State’s Fiscal Condition
Last Monday, the State Controller’s Office released their monthly report detailing California’s cash balance, receipts and disbursements for February 2013. Total revenues for the month of February nearly matched estimates, coming within a percentage point, found in the governor’s proposed 2013-14 state budget. Corporate taxes came in $26.3 million above monthly estimates (22.3 percent), while sales tax receipts exceeded estimates by $363.5 million (13.8 percent).Personal income taxes were $441.2 million below estimates (-18.6 percent), attributed primarily to large tax refunds going out in February that were expected to go out in January.
The state ended the last fiscal year with a cash deficit of $9.6 billion. As of February 28, that cash deficit totaled $16.2 billion and was covered with $6.2 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 firstname.lastname@example.org or (916) 438-4410.