SACRAMENTO – State Controller John Chiang has released his monthly report covering California’s cash balance, receipts and disbursements in June 2013.

Total revenues for the month equaled $13.1 billion, beating the governor’s May Revision estimate by $1.2 billion (10.1 percent).

Total revenues for the fiscal year ending June 30 were $100.1 billion, topping estimates by $2.0 billion (2.0 percent).

“Rising employment, economic expansion and voter-approved tax increases have generated revenues outperforming even the rosiest of projections,” said Chiang. “However, California’s history of boom or bust revenue cycles should be a cautionary tale that informs our spending decisions and incentivizes policymakers to prudently pay down accumulated debt.”

The state ended the 2011-12 fiscal year with a cash deficit of $9.6 billion, and by June 30, 2013, that cash deficit narrowed to $2.4 billion. The cash deficit is being covered by internal borrowing from special funds.

Personal income taxes for June came in $644.6 million above (8.7 percent) monthly estimates outlined in the governor’s May Revision.

Corporate taxes for June were $373.5 million above (21.5 percent) monthly estimates, while sales tax receipts were $70.1 million above (3.5 percent) estimates.

The controller offered a day-by-day accounting of these collections through a new June revenue tracker feature on his Web site, http://sco.ca.gov/june_2013_revenue_tracker.html .

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