February Receipts Drop But Still Up $1.3 Billion for the Year

SACRAMENTO – State Controller John Chiang released March 9 his monthly report covering California’s cash balance, receipts and disbursements in February. Total receipts for the month were $139.4 million lower — 2.4 percent — than estimates found in the governor’s proposed budget.

“After the first 8 months into the fiscal year, we are $1.3 billion ahead of projections,” said Chiang. “But with 40 percent of all revenues expected in the final quarter, our cash outlook can shift quickly.”

Sales taxes were down $247.2 million from the governor’s projections and corporate taxes were down $134 million, nearly 50 percent lower than projected. Personal income taxes came in $250 million above estimates.

The state faced a $19.2 billion cash deficit on February 28. That deficit was covered by $9.2 billion of internal borrowing – short term loans from special funds – and $10 billion of external borrowing.

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