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

Total receipts for the month were $139.4 million lower (-2.4 percent) than estimates found in the Governor’s proposed 2011-12 state budget.

“After the first eight months into the fiscal year, we are $1.3 billion ahead of projections,” said Chiang. “But with 40 percent of all revenues expected in the final quarter, our cash outlook can shift quickly.”

Sales taxes were down $247.2 million (-7.1 percent) in February, and corporate taxes were down $134 million (-49.6 percent). Personal income taxes came in $250 million above (14.4 percent) estimates.

The state faced a $19.2 billion cash deficit on February 28. That deficit was covered by $9.2 billion of internal borrowing – short term loans from special funds – and $10 billion of external borrowing.

February 2011’s financial statement and the summary analysis, can be found on the controller's Web site at www.sco.ca.gov.