SACRAMENTO – State Controller John Chiang on Monday released his monthly report covering California's cash balance, receipts and disbursements in February 2014.

Revenues for the month totaled $5.6 billion, surpassing estimates in the 2014-15 Governor's Budget by $968.9 million, or 20.9 percent.

“Driven by strong retail sales and personal income tax withholdings, February receipts poured in at nearly $1 billion above projections,” said Chiang. “How we conserve and invest during the upswings of California's notorious boom-or-bust revenue cycles will determine how critical programs – such as public safety and education – will weather the next economic dip. With fiscal discipline and a focus on slashing debt, we can make California more recession-resistant and prosperity a more enduring hallmark of our state.”

Income tax receipts exceeded the governor’s expectations by $721.7 million, or 45.7 percent. Corporate tax receipts came in ahead of estimates by $87.4 million, or 236.2 percent.

Sales and use taxes were $113.7 million above, or 3.9 percent, expectations in the governor's 2014-15 proposed budget.

The state ended the month with a general fund cash deficit of $14.1 billion, which was covered with both internal and external borrowing.

That figure was down from last year, when the state faced a cash deficit of $16.2 billion at the end of February 2013.