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Government

October 11, 2012
 

California revenues year-to-date 2.2% below budget projections

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The following information was released by California State Controller John Chiang. Emphasis has been added.

State Controller John Chiang today released his monthly report covering California’s cash balance, receipts and disbursements in September 2012, showing that total revenues were $162.5 million below (2.2 percent) projections contained in the 2012-13 State budget.

“September’s numbers narrowly missed estimates in the State budget,” said Chiang. “Overall, revenues in the first quarter were 1 percent off projections, which indicates that the State’s cash position – its ability to pay bills in full and on time – is stable.”

Personal income taxes in the month of September rose $112.3 million above (2.6 percent) projections, while sales taxes were $87.5 million below (5.6 percent) projections. Corporate taxes were also down for the month, coming in $74.8 million below (8.8 percent) projections.

September’s disbursements were $1.8 billion below projections. However, $1.5 billion of that number is attributable to an education payment that was released in July rather than on its originally-slated date last month.

The State ended the last fiscal year with a cash deficit of $9.6 billion. As of September 30, that cash deficit totaled $22.3 billion, and is being covered with $12.3 billion of internal borrowing (temporary loans from special funds), and $10 billion of external borrowing.

For more details on today’s report, read September 2012’s financial statement and summary analysis.

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