Revenues Up In June, Shortfall During the Last Fiscal Year Smaller, Controller Says
Controller John Chiang released his monthly report July 10 covering California’s cash balance, receipts and disbursements in June and for the complete 2011-2012 fiscal year which showed the state doing better financially than anticipated.
“The fiscal year ended with solid numbers in June – the State’s largest revenue month – but some revenue streams remain weak,” said Chiang in a statement. “California’s economy, like its general fund budget, still has a long way to go before it can achieve a full recovery.”
The fiscal year ended June 30 had $87.8 billion in tax receipts and $89.2 billion in disbursements, but that $1.4 billion shortfall was $1 billion lower than projected, Chiang said.
In June, total revenues were $247 million — 2.2 percent above projections made in the Gov. Jerry Brown’s revised budget, released in May.
Personal income taxes were nearly $500 million above projections and sales taxes were also up $1.3 million. A surge in end-of-the-month refund requests helped drive down corporate tax collections which were $306 million or 15.5 percent below estimates.
Filed under: Budget and Economy
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