A potentially hopeful economic indicator: State revenues came in above projections for the third month in a row, with February's receipts topping estimates by $480 million. The difference came from larger-than-expected corporate and sales tax revenues. Personal income tax revenues were smaller than expected. State Controller John Chiang says that the additional revenue, along with recent legislative action on improving cash flow, should cover everybody's tax refunds this spring. "While the worst may be behind us, we still face cash challenges later in the summer absent enactment of further credible and sustainable budget and cash solutions," Chiang says. Here's the report.
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