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Chiang says state's cash position stable despite slight drop in June revenue

Lack of urgency could lead to 'completely avoidable' cash crisis, controller says

State Controller John Chiang, in releasing his monthly report on California's cash balance, said June revenues came in below estimates by $54.6 million, or 0.5 percent.

"California's cash position is stable today, but that could be short-lived," said Chiang. "The governor and legislature's lack of urgency in adopting an honest budget could pave the way to a completely avoidable cash crisis later this year."

Personal income tax revenues were $333 million better by 6.1 percent than anticipated. However, corporate taxes were down $156 million, or by 7.5 percent, and sales taxes dropped $153 million, or by 5.7 percent.

Chiang said expenditures were running $1.36 billion behind estimates through June 30.

He added that the state's $9.9 billion cash deficit is being covered entirely by internal borrowing.

--Jeb Bing

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