SACRAMENTO – The State of California has released financial numbers for September 2012, including cash balance, receipts and disbursements.
Total revenues in California were $162.4 million below forecasts that were included in the 2012-13 State budget.
According to State Controller John Chiang, "September's numbers narrowly missed estimates in the State budget." Chiang added, "Overall, revenues in the first quarter were 1 percent off projections, which indicates that the State's cash position – its ability to pay bills in full and on time – is stable."
The month did see personal income taxes rise $112.3 above forecasts. However, not meeting projections were sales taxes, which were down $87.5 million and corporate taxes, which were down $74.8 million.
California concluded the past fiscal year with a cash deficit of nearly $10 billion. As of the end of September, that deficit totaled just over $22 million.
