Wednesday, 24 April 2024

State controller releases April cash update

California Controller John Chiang on Thursday released his monthly report covering California's cash balance, receipts and disbursements in April 2014.

Revenues for the month totaled $13.9 billion, surpassing estimates in the 2014-15 Governor's Budget by $303 million, or 2.2 percent.

Year-to-date, revenues exceed expectations by $2.17 billion, or 2.8 percent.

“A resurgent economy, combined with voter-approved tax increases, has boosted California's fortunes by the tune of an additional $2 billion,” said Chiang. “This good news will feed the temptation to spend, but that should be tempered by two absolute certainties: boom revenue cycles are always followed by times of exasperation; and years of accumulated debt and unfunded liabilities must be effectively managed if California hopes for long-term prosperity.”

Income, corporate and sales tax receipts were monitored closely in April on the Controller’s Tax Tracker, where users could find daily tax receipts and compare them in real time against daily estimates.

Income tax collections for the month of April came in $82.9 million, or 0.8 percent, above estimates.

Corporate taxes, in a rare surge, came in above estimates by $179.6 million, or 11.9 percent.

Sales taxes were the only major revenue source to lag projections, coming in short by $15.4 million, or 2.3 percent.

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