State controller releases May cash update

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

Total revenues for the month were $408.3 million above (5.9 percent) estimates found in the May Revision of the Governor’s proposed 2011-12 budget.

“Many indicators show that our state is still moving towards recovery, but a prolonged budget deadlock could needlessly endanger that progress,” said Chiang. “The Legislature can do no greater service to California’s economy than to deliver a balanced, sustainable and on-time state budget.

Sales taxes were over projections by $305.9 million (9.0 percent) in May, and personal income taxes were up $12.3 million (0.4 percent).

Corporate taxes were down $11.1 million (-3.9 percent).

The state faced a $14.9 billion cash deficit on May 31. That deficit was covered by $7.1 billion of internal borrowing – short term loans from special funds – and $7.8 billion of external borrowing.

May 2011’s financial statement and the summary analysis can found on the Controller’s Web site at www.sco.ca.gov.