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Cautiously optimistic State Controller John Chiang today released his monthly report covering California’s cash balance, receipts and disbursements in May 2013. Total revenues for the month equaled $7.27 billion, beating estimates by $799.1 million (12.4 percent). Jacob Roper Public Information Officer with the controller’s Office says although numbers are up the state’s debt are still significant and need to be budgeted for.
The State ended the last fiscal year with a cash deficit of $9.6 billion, and by May 31, 2013, that cash deficit narrowed to $3.2 billion. That deficit is being covered by external borrowing.
Personal income taxes for May came in $596.6 million above (20.5 percent) monthly estimates outlined in the Governor’s May Revision. Estimated taxes, payments on final returns, and withholding all surpassed estimates, while the amount of tax refunds was much smaller than expected.
Corporate taxes for May were $22.6 million above (8.4 percent) monthly estimates. Sales tax receipts were $17.8 million above (0.6 percent) estimates.