SACRAMENTO, Calif. - California's cash balance is up and ahead of projections. According to the State Controller John Chiang, numbers are moving in a positive direction.
Friday Chiang released his monthly report covering California's cash balance, receipts and disbursements in October 2012, showing that total revenues were $207.9 million above (4.4 percent) projections contained in the 2012-13 State budget.
"October's numbers were positive, due in large part to strong income tax receipts," said Chiang. "More importantly, total year-to-date revenue is spot-on with the budget's projection."
Personal income taxes in the month of October rose $378.4 million above (10.6 percent) projections, while sales taxes also were up by $28.8 million (4.4 percent) relative to projections. Corporate taxes were down for the month, coming in $131.3 million below (47 percent) projections.
The State ended the last fiscal year with a cash deficit of $9.6 billion. As of October 31, that cash deficit totaled $24.7 billion, and is being covered with $14.7 billion of internal borrowing (temporary loans from special funds), and $10 billion of external borrowing.
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