October 10, 2014 - SACRAMENTO – State Controller John Chiang today released his monthly report covering California's cash balance, receipts and disbursements in September 2014. Total revenues for the third month of Fiscal Year 2014-15 were $9.8 billion, coming in above Budget Act estimates by $671.4 million, or 7.4 percent.
"Driven by an upswing in consumer activity and job growth, September revenues beat projections by more than $670 million," said Chiang. "If we remain disciplined in paying down the State’s debt, building a healthy reserve, and tackling the $64 billion unfunded liability associated with providing health benefits to our retired public workforce, Californians will have longer to enjoy this newfound prosperity."
The State closed the first quarter (July 1 – September 30) of its fiscal year with $21.8 billion in total revenues, beating estimates by $533.2 million, or 2.5 percent.
Income tax collections for the month of September came in $350.6 million, or 6.1 percent, above estimates. Corporate tax receipts came in $173.7 million, or 18.5 percent, above estimates.
Sales taxes similarly outpaced estimates by $228.6 million, or 12.4 percent, for the month.
As of September 30, the General Fund accumulated outstanding loans of $13.4 billion, which was down $2.4 billion from what the State expected to need by the end of its first fiscal quarter. This total was financed by $10.6 billion of borrowing from internal state funds and $2.8 billion of borrowing from banks and other outside investors.
For more details on today's report, read the financial statement and summary analysis.
California State Controller John Chiang's 2014 September Cash Update Finds Sales Taxes Up 12% Above Projections
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