California's January receipts top estimates

SAN FRANCISCO Feb 10 (Reuters) - California's receipts in January were $1.28 billion, or 18.6 percent, above estimates in Governor Arnold Schwarzenegger's budget plan, State Controller John Chiang's office said on Wednesday.

The state government's year-to-date receipts were also ahead of budget estimates, by $459 million, or 1 percent. However, state payments also exceeded expectations, with disbursements through Jan. 31 $586 million ahead of projections -- and the state still faces a revenue crunch as Schwarzenegger and lawmakers prepare to tackle a nearly $20 billion budget shortfall, Chiang said.

"The positive receipts are welcome news, but the State cannot be lulled into a false sense of security," Chiang said, noting the state's cash position is set to fall below safe levels in spring and go into the red in summer.

(Reporting by Jim Christie; Editing by Richard Chang)