State Controller’s Office Releases November Cash Update
Last Tuesday, the State Controller’s Office released its monthly report detailing California’s cash balance, receipts and disbursements for November 2013.
Revenues for the month totaled $6 billion. Revenues fell short of the state budget projections by $375.6 million (5.9 percent). The report shows personal income tax revenues $8.9 million below (0.3 percent) monthly estimates, while corporate receipt balances came down to -$138.6 million (a negative number for any tax program indicates that tax refunds exceeded tax receipts for that month). Sales tax receipts in November were down $398.3 million (13.3 percent).
The first five months of the fiscal year brought in revenue of $31.4 billion, which exceeds estimates by $228.1 million. As of November 30, the state’s cash deficit totaled $19.6 billion, which was covered through internal borrowing from other funds, and is a decrease from the cash deficit recorded in November 2012 at $24.9 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 email@example.com or (916) 438-4410.