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July 10, 2013
 

California state revenues in June beat governor’s estimate

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The following information was released by California State Controller John Chiang.

State Controller John Chiang today released his monthly report covering California’s cash balance, receipts and disbursements in June 2013. Total revenues for the month equaled $13.1 billion, beating the Governor’s May Revision estimate by $1.2 billion (10.1 percent).

Total revenues for the fiscal year ending June 30 were $100.1 billion, topping estimates by $2.0 billion (2.0 percent).

“Rising employment, economic expansion and voter-approved tax increases have generated revenues outperforming even the rosiest of projections,” said Chiang. “However, California’s history of boom or bust revenue cycles should be a cautionary tale that informs our spending decisions and incentivizes policymakers to prudently pay down accumulated debt.”

The State ended the 2011-2012 fiscal year with a cash deficit of $9.6 billion, and by June 30, 2013, that cash deficit narrowed to $2.4 billion. The cash deficit is being covered by internal borrowing from special funds.

Personal income taxes for June came in $644.6 million above (8.7 percent) monthly estimates outlined in the Governor’s May Revision. Corporate taxes for June were $373.5 million above (21.5 percent) monthly estimates, while sales tax receipts were $70.1 million above (3.5 percent) estimates. The Controller offered a day-by-day accounting of these collections through a new June revenue tracker feature on his website.

For more details on today’s report, read June 2013’s financial statement and summary analysis.

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