SACRAMENTO
– State Controller John Chiang today released his monthly
report covering California's cash balance, receipts and disbursements
in September 2014. Total revenues for the third month of Fiscal Year
2014-15 were $9.8 billion, coming in above Budget Act estimates by
$671.4 million, or 7.4 percent.
"Driven
by an upswing in consumer activity and job growth, September revenues
beat projections by more than $670 million," said Chiang. "If we remain
disciplined
in paying down the State’s debt, building a healthy reserve, and
tackling the $64 billion unfunded liability associated with providing
health benefits to our retired public workforce, Californians will have
longer to enjoy this newfound prosperity."
The
State closed the first quarter (July 1 – September 30) of its fiscal
year with $21.8 billion in total revenues, beating estimates by $533.2
million, or
2.5 percent.
Income
tax collections for the month of September came in $350.6 million, or
6.1 percent, above estimates. Corporate tax receipts came in $173.7
million, or
18.5 percent, above estimates.
Sales taxes similarly outpaced estimates by $228.6 million, or 12.4 percent, for the month.
As
of September 30, the General Fund accumulated outstanding loans of
$13.4 billion, which was down $2.4 billion from what the State expected
to need by the
end of its first fiscal quarter. This total was financed by $10.6
billion of borrowing from internal state funds and $2.8 billion of
borrowing from banks and other outside investors.
For more details on today's report, read the financial statement and summary
analysis.
Read a version of this press release in Spanish.
For more news, please follow the Controller on Twitter at @CAController, and on Facebook at California
State Controller's Office.
