State Controller releases September cash update

SACRAMENTO – State Controller John Chiang today released his monthly report covering California’s cash balance, receipts and disbursements in September 2013. Revenues for the month totaled $8.5 billion, beating estimates in the state budget by $426.8 million, or 5.3 percent.


"A healthy gain in September revenues more than offset any shortfalls seen in July and August," said Controller Chiang. "The State closed the first quarter of the fiscal year on a good note, with revenues and expenditures tracking remarkably close to estimates."

Revenue from the first three months of the fiscal year totaled $20.2 billion, beating year-to-date estimates by $93.2 million.

Personal income taxes for the month came in $460.9 million above (9.5 percent) estimates, largely from "estimated" payments – prepayments toward a taxpayer's projected tax liabilities for the calendar year. Sales tax receipts were up $167 million (9.7 percent). Only corporate taxes missed the mark for September, coming in $80.4 million below (9.0 percent) projections.

The State ended the month with a General Fund cash deficit of $14.7 billion, which was covered with both internal and external borrowing. That figure is down from last year, when the State faced a cash deficit of $22.3 billion at the end of September 2012.

For more details on today's report, read the financial statement and summary analysis.