California Controller John Chiang said in report Tuesday that the state ended the fiscal year with a $1.4 billion shortfall that was $1 billion less than expected.
The government ended the fiscal 2012 on June 30 with $87.8 billion in receipts and $89.2 billion in disbursements, a narrower gap that expected due partly to $606 million less spending than had been estimated in Gov. Jerry Brown’s May Revise budget.
“The fiscal year ended with solid numbers in June — the state’s largest revenue month — but some revenue streams remain weak,” Chiang said.
Revenue in the month of June also helped, coming in 2.2%, or $247 million, above the governor’s projections. Personal income taxes rose 7.7% above estimates, while corporate taxes fell more than 15% compared to Brown’s expectations.
California also ended the year with a cash deficit of $9.6 billion, which was covered by internal borrowing, according to the controller.
