Controller says state's October receipts higher than expected
State Controller John Chiang on Tuesday released his monthly report covering California's cash balance, receipts and disbursements in October. While year-to-date revenues remain below the amended 2009-10 budget's estimates by $854 million, October receipts were up 7.1 percent, or $285 million. "October's receipts are a welcome break from a largely negative trend line for the last two years," Chiang said in a news release. "However, high unemployment, excessive borrowing, an ailing construction industry and legal challenges to the budget remain real threats to the state's cash outlook." With expenditures running $1.2 billion below projections and $1 billion in additional external borrowing, the state's overall cash position on Oct. 31 was $1.2 billion ahead of projections, according to the release. Personal income tax-revenues for the month were 0.4 percent, or $10.5 million, above estimates. Corporate taxes were up 151.3 percent, or $248 million. Sales taxes came in at 8.9 percent, or $102 million, below expectations. Information: www.sco.ca.gov
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