California's October revenues came in higher than budget estimates, according to both the State Controller's Office and the Department of Finance.
Controller John Chiang's report for the month said state revenues rose $207.9 million, or 4.4%, above projections in the fiscal 2013 budget and are spot on projections for the fiscal year-to-date.
"October's numbers were positive, due in large part to strong income tax receipts," Chiang said in a statement.
According to the controller's office, October personal income taxes receipts came in $378.4 million above projections, or 10.6%. Sales taxes were up by $28.8 million, or 4.4%, relative to projections.
The Department of Finance monthly report shows similar numbers, with revenues rising $208 million above the month's forecast, however it said fiscal year-to-date revenues are still $176 million below the budget forecast.
The finance department report also cited strong personal income tax receipts.
The two different estimates regularly differ because they use different methodologies.
The finance department's report noted that home building in California gradually improved during the first half of 2012. In July, the report said, residential construction permits were issued at a seasonally adjusted annual rate of 60,533 units—an increase of nearly 83% from a year earlier
According to controller, the state ended the month with a cash deficit of $24.7 billion. That deficit is being covered with $14.7 billion of internal borrowing, via temporary loans from special funds, and $10 billion of external borrowing.
The state ended the last fiscal year with a cash deficit of $9.6 billion.
