California revenues came in $434 million higher in August than projections in the state’s fiscal 2013 budget, according to Controller John Chiang.
“This month’s positive total offsets losses seen in July, and brings our total revenues right in line with projections,” he said in a statement Tuesday.
State personal income tax collections in August came in more than $222 million, or 6.5%, above the budget estimates, while sales taxes were $187 million ahead, or 8.1%, Chiang said.
However, corporate taxes fell $102 million compared to budget projections for the month, according to the controller’s office.
As of the end of August, the state’s cash deficit totaled more than $21 billion, which is being covered with $11.4 billion of internal borrowing and $10 billion of external borrowing, specifically revenue anticipation notes.
