State Controller John Chiang today released his monthly report
covering California's cash balance, receipts and disbursements in July
2012, showing that total revenues were $475 million below projections
contained in the 2012-13 state budget.
"Revenue collections were disappointing for the month of July," said
State Controller John Chiang. "However, because spending appears to be
tracking and the funds that the State depends on for liquidity are
performing well, California’s cash outlook remains stable."
Personal income taxes in the month of July rose $12 million above
(0.4 percent) projections, while sales taxes were down -$295 million
(-33.5 percent). Corporate taxes were up for the month, coming in $57.1
million (27.4 percent) projections.
Because a $1.5 billion school payment – which was originally schedule
to be issued in September – was paid in July, disbursements in July
were $1.2 billion over projections. The September cash report should
reflect a settle-up.
The State ended the last fiscal year with a cash deficit of $9.6
billion. As of July 31, that cash deficit totaled $18.0 billion, and is
being covered with internal borrowing (temporary loans from special
funds).
For more details on today’s report, read July 2012's financial statement and summary analysis.
