State Controller releases February cash report

By CMTA Staff

Capitol Update, March 12, 2010 Share this on FacebookTweet thisEmail this to a friend

State Controller John Chiang released his February cash report Wednesday, March 10th, which showed an 8.7 percent ($480 million) increase from Gov. Arnold Schwarzenegger’s January budget proposal estimate.

“Revenues came in above projections for the third month in a row, continuing a positive trend that shows California is on the road to recovering from the recession. Given February’s numbers and recent action from the Legislature to improve the State’s cash flow, Californians should expect to receive their hard-earned tax refunds on time,” Chiang said. “While the worst may be behind us, we still face cash challenges later in the summer absent enactment of further credible and sustainable budget and cash solutions.”

Year-to-date, California receipts are ahead of budget estimates by $1.94 billion and the state’s cash position was $2.15 billion ahead of projected levels. With the addition of approximately $3 billion in new funds and savings from the federal government so far in 2010, Capitol insiders are now cautiously optimistic that the budget deficit, pegged at nearly $20 billion in the Governor’s January proposal, will be significantly reduced in time for the May Revise and summer budget negotiations.

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