March is another lean month for state coffers

Revenues were $233.5 million (-4.2 percent) below the latest estimates in Gov. Brown's proposed 2012-13 budget. Everything was under projections, but especially corporate tax receipts, which missed its target by $125.8 million. From controller's report:

"While revenues continue to fall short, the months ahead will be far more important to the State's finances," said [state Controller John] Chiang. "More than 35 percent of all revenues are expected in the next three months, making this the most important period for tax collection in the fiscal year."

Why April really matters:

During the last two years, the board reported daily in-come tax flows around $200 million in the first 10 working days of April. Following the April 15 tax due-date, daily deposits rose to about $550 million. Figure 1 displays personal income tax revenues reported by the board on each working day of April for 2010 and 2011. The figure includes receipts for withheld payroll and tax payments, minus re-funds paid.