SACRAMENTO – State Controller John Chiang has 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 – Sept. 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 Sept. 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.