LOS ANGELES — California revenues for the month of March came in above estimates at $6.4 billion, according to State Controller John Chiang's monthly report covering the state's cash balance, receipts and disbursements.
Revenues surpassed estimates in Gov. Jerry Brown's 2014-15 budget by $470.9 million, or 7.9%.
"March came in like a lion for California revenues and went out with a significant roar, with all three of the state's major revenue sources beating expectations," the controller's office said in a summary analysis of the report.
March income tax receipts beat expectations by $231.6 million, or 8.6%. Corporate tax receipts also exceeded expectations by $130.6 million, or 9.5%. Sales and use taxes were $22.4 million, or 1.4%, above estimates.
California ended the month with a general fund cash deficit of $16.7 billion, which was covered with both internal and external borrowing.
That number was up from last year, when the state faced a cash deficit of $15.2 billion at the end of March 2013.
"As employment in California nears its pre-recession peak, the state is seeing positive gains in many of its primary revenue sources," Chiang said in a statement. "As we enter the important month of April, all eyes will be on the State's income tax receipts — and whether they size up against budget estimates."
