Controller John Chiang released his monthly report July 10 covering California’s cash balance, receipts and disbursements in June and for the complete 2011-2012 fiscal year which showed the state doing better financially than anticipated.
“The fiscal year ended with solid numbers in June – the State’s largest revenue month – but some revenue streams remain weak,” said Chiang in a statement. “California’s economy, like its general fund budget, still has a long way to go before it can achieve a full recovery.”
The fiscal year ended June 30 had $87.8 billion in tax receipts and $89.2 billion in disbursements, but that $1.4 billion shortfall was $1 billion lower than projected, Chiang said.
In June, total revenues were $247 million – 2.2 percent above projections made in the Gov. Jerry Brown’s revised budget, released in May.
Personal income taxes were nearly $500 million above projections and sales taxes were also up $1.3 million. A surge in end-of-the-month refund requests helped drive down corporate tax collections which were $306 million or 15.5 percent below estimates.