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November 2013 Cash Report Summary Analysis

Published November 8, 2013

Total revenues in October 2013 were $510.5 million greater than expected.Bottom Line: What the Numbers Mean

California's economic recovery continued to bolster revenues in October, helping the state move toward a path of better financial health. For the fiscal year so far, which covers the four months since July 1, tax receipts have run ahead of projections, while disbursements have been generally in line with estimates. Revenues beat October estimates contained in the 2013-14 Budget Act by $510 million, or 10.7%. Read more and see detailed receipts and disbursements.

More on California Fiscal Policy: Tax Programs Provide More Support than Welfare Grant Programs

The pages of the Controller's monthly cash report often focus on the State’s main sources of revenue, the impact of their totals and collection intervals, and disbursements for state and local programs. But there is another side of the tax code that should also be a point of focus. The Federal tax code itself is not just a collection tool – it's also the delivery method for the largest form of direct financial aid in the nation. Read more.

Featured Column: Do Federal Shutdowns Increase Risks to California’s Cash Strategies?

As Controller, one of my principle responsibilities is to wisely manage the State's cash resources on a daily basis. During the tough economic times we have experienced in recent years, my greatest challenge was to ensure that we had enough cash in the State Treasury to cover our most pressing and immediate obligations, specifically paying our bond holders and our schools. While those crises are now behind us in California, the recent standoffs and related government shutdowns in Washington require us to focus on another part of our financial equation: What are the real cash consequences of federal shutdowns in California? Read more of Controller John Chiang's column.

California Economic Snapshot

See recent statistics regarding California new car registrations, the median home price, single-family home sales and employment. Read more.