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.