SACRAMENTO, Calif. - California just misses September budget numbers. State Controller John Chiang released the numbers Wednesday and while some numbers are up, the overall projections fell short of projections.
In a release the state said, "State Controller John Chiang today released his monthly report covering California's cash balance, receipts and disbursements in September 2012, showing that total revenues were $162.5 million below (2.2 percent) projections contained in the 2012-13 State budget.
"September's numbers narrowly missed estimates in the State budget," said Chiang. "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."
Personal income taxes in the month of September rose $112.3 million above (2.6 percent) projections, while sales taxes were $87.5 million below (5.6 percent) projections. Corporate taxes were also down for the month, coming in $74.8 million below (8.8 percent) projections.
September's disbursements were $1.8 billion below projections. However, $1.5 billion of that number is attributable to an education payment that was released in July rather than on its originally-slated date last month.
The State ended the last fiscal year with a cash deficit of $9.6 billion. As of September 30, that cash deficit totaled $22.3 billion, and is being covered with $12.3 billion of internal borrowing (temporary loans from special funds), and $10 billion of external borrowing.
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