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Controller Releases October Cash Update

State Controller John Chiang

State Controller John Chiang released his monthly report covering California’s cash balance, receipts and disbursements in October 2013. Revenues for the month totaled $5.3 billion, surpassing estimates in the state budget by $510.5 million, or 10.7 percent. Total revenue from the first four months of the fiscal year totaled $25.5 billion, beating year-to-date estimates by $603.7 million.

“State revenues are more than $600 million ahead of projections following a second straight month of strong collections,” said Chiang. “Importantly, because higher-than-expected payroll withholdings and estimated payments are driving the good news, it signals that Californians are beginning to earn more, work more, and the Great Recession is becoming a faint image in the rear view mirror. The recipe for sustaining this momentum is to remain disciplined in our spending, pay-down debt, and aggressively hold taxpayer-funded programs accountable for results.”

Personal income taxes for the month came in $438.9 million above (11.8 percent) estimates, much of that from tax amounts withheld on individuals’ paychecks. Sales tax receipts were up $53.2 million (7.4 percent). Only corporate taxes missed their monthly estimate, coming in $16 million below (8.9 percent) projections.

Year-to-date disbursements were $103.1 million below estimates, but this variance will easily be offset in November by more than $1 billion of planned payments to education agencies. Those payments were originally expected to go out before October 31.

The State ended the month with a General Fund cash deficit of $18.3 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 $24.7 billion at the end of October 2012.

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

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