SACRAMENTO (CBS13) – Some encouraging financial news for the State of California as the state brings in $434 million above budget projections for August, according to the State Controller.
State Controller John Chiang released his monthly report today showing personal income taxes and sales taxes came in above projections.
“This month’s positive total offsets losses seen in July, and brings our total revenues right in line with projections,” said Chiang.
The reports shows personal income taxes in August rose $222.5 million above projections. Sales taxes were also up $187.3 million. However, corporate taxes were down for August, coming in $102.2 million under projections.
Despite the positive cash flow for August, the state’s cash deficit totals $21.4 billion which is being covered with $11.4 billion in temporary loans from special funds and $10 billion in borrowing.