Income tax receipts for February exceed state's budget estimates by 46%

General Fund cash deficit totals $14.1 billion, down from $16.2 billion at end of February 2012

State Controller John Chiang released his monthly report California's cash balance showing that revenues for the month of February totaled $5.6 billion, surpassing estimates in the 2014-15 governor's budget by $968.9 million, or 20.9%.

Receipts and disbursements in February 2014. Revenues for the month totaled $5.6 billion, surpassing estimates in the 2014-15 Governor Brown's Budget by $968.9 million, or 20.9%.

"Driven by strong retail sales and personal income tax withholdings, February receipts poured in at nearly $1 billion above projections," said Chiang.

"How we conserve and invest during the upswings of California's notorious boom-or-bust revenue cycles will determine how critical programs, such as public safety and education, will weather the next economic dip," he added. "With fiscal discipline and a focus on slashing debt, we can make California more recession-resistant and prosperity a more enduring hallmark of our state."

Income tax receipts exceeded the governor's expectations by $721.7 million, or 45.7%. Corporate tax receipts came in ahead of estimates by $87.4 million, or 236.2%. Sales and use taxes were $113.7 million above, or 3.9%, the expectations in the governor's 2014-15 proposed budget.

The state ended the month with a General Fund cash deficit of $14.1 billion, which was covered with both internal and external borrowing. That figure was down from last year, when the state faced a cash deficit of $16.2 billion at the end of February.


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Posted by Walter
a resident of Diablo
on Mar 19, 2014 at 8:16 am

Bet it won't take long to waste the funds on turd worlders and commie unions. Vote against all dems in the fall--vote often.

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Posted by Louise
a resident of Danville
on Mar 19, 2014 at 9:20 am

Now that California has taxed corporations and high earners at some of the highest rates in the country, they can gloat and spend. They will use these extra new and confiscatory funds to push forward their pet projects like the high speed rail line and water tunnels through farm land, even though it will damage the environment that they claim to care so much about. In the meantime, many of these corporations and high earners are leaving California for lower taxed states. California will eventually dig itself into a bigger hole and continue to be run by big unions and social progressives.

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Posted by Xin Han
a resident of Blackhawk
on Mar 19, 2014 at 1:49 pm

As long as we offer a competitive workforce, excellent university system, strong environmental protections, sensible immigration reform and a dependable safety net .. we can rest assured and for every one company leaving the state there are 5 new ones setting up shop here.

Well done governor Brown!

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Posted by Louise
a resident of Danville
on Mar 19, 2014 at 5:21 pm

I wish what one writer said were true, that for every one leaving 5 set up shop here. Where are the statistics? I don't believe that is true and if so, then why is California's true unemployment figures still so high? We still have a growing population of welfare/entitlement recipients and many who come here illegally and stay off the grid by not paying taxes or earning cash incomes that are not reported. When those who pay taxes disproportionately get tired of it, leave, or die, then we'll be left with a majority who don't pay taxes and we'll begin to see an eroding of the quality of life that everyone came here for.

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Posted by Ruth
a resident of Danville
on Mar 20, 2014 at 7:03 am

Like our President, our Governor has very little business experience. No one could run a business the way these guys run govt.
And let's not get started on the entitlements each have qualified for. Talk about "pension" benefits!

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Posted by cardinal
a resident of Diablo
on Mar 20, 2014 at 7:40 am

Allow me to add a platitude that actually applies here: "some folks just can't stand prosperity."

That deafening sound inside your head is cognitive dissonance, and maybe its echo.

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Posted by Dave
a resident of Danville
on Mar 20, 2014 at 2:33 pm

Eerie silence about the Guvernator's failure to deal with the budget deficit. It took Gov. Brown to bring some fiscal discipline and sensibility to the state budget.

Sorry, but further commenting on this topic has been closed.

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