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California Beats Revenue Estimates

California's revenues for December came in more than 1% above estimates in the budget, according to Controller John Chiang.

"While December's figures were distorted by timing issues, the month's revenues closely match budget projections and offer further evidence that California's economy is slowly mending," Chiang said in a statement Wednesday when he released the controller's office's monthly cash report.

A late shift of sales tax revenue pushed revenues that would have been slated for December to January. The controller said they accounted for the late move into the general fund to show a more realistic accounting.

Personal income taxes in December came in $767 million, or 13%, above budget projections for the month, while corporate taxes dropped $445 million, or 31%, below the estimates.

The report was issued the day before Gov. Jerry Brown released his initial fiscal 2014 budget proposal Thursday morning.

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