State Controller’s Monthly Report
Last Monday, the State Controller’s Office released its monthly report detailing California’s cash balance, receipts and disbursements for February 2014. Revenues for the month totaled $5.6 billion. Revenues exceeded state budget projections by $968.9 million (20.9 percent). The report shows personal income tax revenues $721.7 million above (45.7 percent) monthly estimates, and corporate receipt balances above estimates by $87.4 million (236.2 percent). Sales and use tax receipts in November exceeded projections by $113.7 million (3.9 percent).
As of February 28, the state’s cash deficit totaled $14.1 billion, which was covered through both internal and external borrowing, and is a decrease from the cash deficit of $16.2 billion recorded at the end of February 2013.
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 email@example.com or (916) 438-4410.