Controller John Chiang
California State Controller’s Office
June 2009 Summary Analysis
Volume 3, Issue 6
Statement of General Fund Cash Receipts and Disbursements
California State Controller John Chiang / Statement of General Fund Cash Receipts and Disbursements
1
State Finances in May 2009
⇒ The State’s revenues continued to deteriorate in May.
Total General Fund revenues were down $827 million
(-13.5%) from estimates in the Governor’s proposed
2009-10 May Budget Revision.
⇒ Personal income taxes were $475 million below the May
Revision estimate (-23.0%), corporate taxes were down
$84.4 million (-25.8%), and sales taxes lagged by $109
million (-3.3%).
⇒ Compared to the 2009-10 Budget, General Fund revenue
in May was $1.75 billion below (-24.8%) the estimate for
the month. Corporate taxes came in $1.16 billion lower
(-82.6%) than estimated, and sales and use taxes lagged
by $300 million (-8.7%). Personal income taxes fell short
by $218 million (-12.1%).
⇒ Compared to May 2008, General Fund revenue in May
2009 was down $1.14 billion (-17.7%). The total for the
(Continued on page 2)
T he State Controller’s Office is
responsible for accounting for all
State revenues and receipts and for
making disbursements from the State’s
General Fund. The Controller also is
required to issue a report on the
State’s actual cash balance by the 10th
of each month.
As a supplement to the monthly
Statement of General Fund Cash
Receipts and Disbursements, the
Controller issues this Summary
Analysis for California policymakers
and taxpayers to provide context for
viewing the most current financial
information on the State’s fiscal
condition.
———————————————
This Summary Analysis covers actual
receipts and disbursements for May
2009 and year-to-date totals for the
first eleven months of Fiscal Year
2008-09. Data are shown for total
cash receipts and disbursements, the
three largest categories of revenues,
and the two largest cate