California Construction Trucking Association (CCTA)

SACRAMENTO (7-9-10) – State Controller John Chiang released his June report covering California’s cash balance, receipts, and disbursements for June. The month’s revenues were below the Governor’s May revision estimates by $54.6 million, or 0.5%.

“California’s cash position is stable today, but that could be short-lived,” said Chiang. “The Governor and Legislature’s lack of urgency in adopting an honest budget could pave the way to a completely avoidable cash crisis later this year.”

Personal income tax revenues were $333 million better (6.1%) than anticipated. Corporate taxes were down $156 million (-7.5%), and sales taxes dropped $153 million (-5.7%).

Expenditures were running $1.36 billion behind estimates through June 30. The State’s $9.9 billion cash deficit is being covered entirely by “internal borrowing”.

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