As if the Legislative Analyst’s Report Wasn’t Grim Enough…

SACRAMENTO – State Controller John Chiang today released his monthly report covering California’s cash balance, receipts and disbursements in October.

Receipts for the month were $232.3 million, 4.6 percent above the recently enacted state budget estimates.

“The record 100-day budget stalemate pushed us past the point of having enough cash on hand to pay more than $8 billion in outstanding bills that came due when the budget was signed,” said  Chiang.

“Thankfully, the state received the proceeds from an interim cash flow borrowing that allowed us to start paying the $5.5 billion in payments delayed by the budget for tax refunds, community colleges and school districts.”

Corporate taxes were up $26.8 million, 8.8 percent above estimates. Personal income taxes came in $63.8 million above estimates,  1.8 percent higher than expected. Sales tax revenues were $108.7 million above estimates, 13.1 percent higher than expected.

However, expenditures for the fiscal year were $786 million more than budget estimates.

The state’s $17.5 billion cash deficit is being covered by $10.8 billion of internal borrowing and $6.7 billion in external borrowing.

October 2010’s financial statement and the summary analysis can be found on the Controller’s website at www.sco.ca.gov.


Filed under: Budget and Economy

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