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Controller Releases June 2010 Cash Figures

SACRAMENTO – State Controller John Chiang today released his monthly report covering California’s cash balance, receipts and disbursements in June. The month’s revenues were below the Governor’s May Revision estimates by $54.6 million, or 0.5 percent.

“California’s cash position is stable today, but that could be short-lived,” said Chiang. “The Governor and Legislature’s lack of urgency in adopting an honest budget could pave the way to a completely avoidable cash crisis later this year.”

Personal income tax revenues were $333 million better (6.1%) than anticipated. Corporate taxes were down $156 million (-7.5%), and sales taxes dropped $153 million (-5.7%).

Expenditures were running $1.36 billion behind estimates through June 30. The State’s $9.9 billion cash deficit is being covered entirely by internal borrowing.

June 2010’s financial statement and the summary analysis can found on the Controller’s Web site at www.sco.ca.gov.

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