SACRAMENTO – State Controller John Chiang has released his monthly report covering California’s cash balance, receipts and disbursements in May.

The month’s revenues rose above the governor’s May Revision estimates by $592 million, or 9.8 percent.

“May revenues may have been positive, but their small climb represents only three percent of the State’s budget deficit,” said Controller Chiang. “The financial problems before the Legislature and Governor remain just as daunting and time-sensitive as they did a month ago.”

Personal income taxes accounted for most of the jump in May, coming in $392 million above projections for the month.

State expenditures were running $1.15 billion behind estimates through May 31.

The state started the fiscal year with an $11.9 billion cash deficit, which rose to $18.6 billion on May 31, 2010.

Those deficits are being covered with a combination of $12 billion of internal borrowing from special funds and $6.0 billion in external borrowing.

A revised cash outlook reflecting May’s numbers will be made available early next week.

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