State Controller John Chiang today released his monthly report
covering California's cash balance, receipts and disbursements in June
and for the complete 2011-2012 fiscal year.
"The fiscal year ended with solid numbers in June – the State’s
largest revenue month – but some revenue streams remain weak," said
Chiang. "California's economy, like its General Fund Budget, still has a
long way to go before it can achieve a full recovery."
The 2011-12 fiscal year ended with $87.8 billion in receipts and
$89.2 billion in disbursements, but that shortfall was $1 billion lower
than projected.
In the month of June, total revenues were $247 million (2.2 percent)
above projections made in the Governor's May Revision. Personal income
taxes rose $496.3 million above (7.7 percent) projections, and sales
taxes were also up $1.3 million (0.1 percent). Corporate taxes were down
for the month, coming in $305.7 million (-15.5 percent) below
projections.
The State ended the fiscal year with a cash deficit of $9.6 billion.
That deficit is being covered with internal borrowing (temporary loans
from special funds).
A snapshot of monthly revenues and comparisons can now be found on the State Controller's mobile website, www.sco.ca.gov/mobile. For more details on today’s report, read June 2012's financial statement and summary analysis.