Saturday, May 14, 2011
Controller Releases April Cash Update
SACRAMENTO – State Controller John Chiang today released his monthly report covering California’s cash balance, receipts and disbursements in April. Total revenues for the month were $397.6 million above (4.0 percent) estimates found in the Governor’s proposed 2011-12 State Budget.
“While April’s revenues were nominally higher than estimates, they did not provide much breathing room in the budget debate,” said Controller John Chiang. “We are a long way from closing the books for this fiscal year. June is still a very important month for revenues, and in that month our outlook could improve or deteriorate significantly.”
Sales taxes were over projections by $45.2 million (5.0 percent) in April, and personal income taxes were up $272.7 million (4.0 percent). Corporate taxes were down $48.2 million (-3.1 percent).
Year-to-date tax revenues are approximately $2.5 billion ahead of projections. But from a cash perspective, receipts are actually up $1.3 billion. The difference comes from the aborted sale and lease-back of State properties which Governor Brown canceled this spring. That arrangement was originally projected to generate $1.2 billion in March 2011.
The State faced a $17.8 billion cash deficit on April 30. That deficit was covered by $7.8 billion of internal borrowing – short term loans from special funds – and $10 billion of external borrowing.
April 2011’s financial statement and the summary analysis can found on the Controller’s Web site at www.sco.ca.gov.
“While April’s revenues were nominally higher than estimates, they did not provide much breathing room in the budget debate,” said Controller John Chiang. “We are a long way from closing the books for this fiscal year. June is still a very important month for revenues, and in that month our outlook could improve or deteriorate significantly.”
Sales taxes were over projections by $45.2 million (5.0 percent) in April, and personal income taxes were up $272.7 million (4.0 percent). Corporate taxes were down $48.2 million (-3.1 percent).
Year-to-date tax revenues are approximately $2.5 billion ahead of projections. But from a cash perspective, receipts are actually up $1.3 billion. The difference comes from the aborted sale and lease-back of State properties which Governor Brown canceled this spring. That arrangement was originally projected to generate $1.2 billion in March 2011.
The State faced a $17.8 billion cash deficit on April 30. That deficit was covered by $7.8 billion of internal borrowing – short term loans from special funds – and $10 billion of external borrowing.
April 2011’s financial statement and the summary analysis can found on the Controller’s Web site at www.sco.ca.gov.