Thursday, 28 March 2024

Controller releases May cash update

SACRAMENTO - State Controller John Chiang on Tuesday released his monthly report covering California's cash balance, receipts and disbursements in May 2014.

Revenues for the month totaled $6.7 billion, missing estimates in the governor's January proposed budget by $389.1 million, or 5.5 percent.

Year-to-date, revenues still exceed expectations by $1.8 billion, or 2.1 percent.

"While this is the first time in six months that revenues have fallen short, the overall budgetary health remains stable and there is no threat to the state's ability to pay its bills on time and in full." said Chiang. "As lawmakers finalize their spending decisions in the coming days, my office urges fiscal restraint with an eye toward slashing the billions of dollars in debt accrued during the Great Recession."

Because the state's cash position exceeded expectations by $5 billion as of the release of the governor's May revision, the Department of Finance – with the concurrence of the offices of the state treasurer and state controller – did not produce formal cash flow projections for the May revision.

As a result, actual May receipts and disbursements are compared against projections provided in the governor's January budget proposal.

Income tax collections for the month of May came in $254.2 million, or 7.4 percent, below estimates in the governor's January proposed budget.

Corporate taxes were below estimates by $177.6 million, or 99.8 percent. Sales taxes also came in short of estimates by $98.6 million, or 3.1 percent.

As of the end of May, the state's cash reserves exceed the governor’s January projection by $4.9 billion.

This positive reserve is comprised of $3.5 billion in greater than anticipated internal borrowable resources and a cash deficit that is lower than projections by $1.4 billion.

That cash deficit, now $8.5 billion, is being covered by both internal and external borrowing.

Upcoming Calendar

28Mar
03.28.2024 1:00 pm - 3:00 pm
Vision resource group
30Mar
03.30.2024 9:00 am - 11:00 am
Second annual Bunny Brunch
30Mar
03.30.2024 9:00 am - 2:00 pm
Lakeport Community Cleanup Day
30Mar
03.30.2024 1:00 pm - 3:00 pm
Lake County poet laureate inauguration
31Mar
03.31.2024
Easter Sunday
31Mar
03.31.2024 1:15 pm - 1:45 pm
Lakeport Rotary Club Easter Egg Hunt
1Apr
04.01.2024
Easter Monday
1Apr
10Apr
15Apr
04.15.2024
Tax Day

Mini Calendar

loader

LCNews

Award winning journalism on the shores of Clear Lake. 

 

Newsletter

Enter your email here to make sure you get the daily headlines.

You'll receive one daily headline email and breaking news alerts.
No spam.