Orange County Breeze
News of Northwest Orange County, CA
Southland Credit Union | You Can Join! | Find Out How

Yes on Measure Q | Friends for Cypress Schools | www.FriendsforMeasureQ.com




Government

December 7, 2012
 

California state revenues 10.8% below budget projections in November

Printer-friendly version of this post Printer-friendly version of this post
money maze, dollar sign

The following information was released by the California Controller.

State Controller John Chiang today released his monthly report covering California’s cash balance, receipts and disbursements in November 2012, showing total revenues were $806.8 million below (-10.8 percent) projections contained in the 2012-13 State budget.

“November’s disappointing revenues stand in stark contrast to recent news that California is leading the nation in job growth, has significantly improved its cash liquidity to pay bills, and even long-distressed home values are starting to inch upward,” said Chiang. “This serves as a sobering reminder that, while the economy is expanding, it is doing so at a slow and uneven pace that will require the State to exercise care and discipline in how its fiscal affairs are managed in the coming year.”

Personal income taxes in the month of November were down $842.5 million (-19.0 percent). Some of the tax revenue associated with Facebook shares came in during the month of October, while budget planners had projected receiving those funds in November.

Corporate taxes were down for the month, coming in $187.8 million below (-213.4 percent) projections. A portion of this drop was due to higher than expected corporate tax refunds going out in the month of November. Totals for sales taxes were up $99 million (3.8 percent).

The State ended the last fiscal year with a cash deficit of $9.6 billion. As of November 30, that cash deficit totaled $24.9 billion and is being covered with $14.9 billion of internal borrowing (temporary loans from special funds), and $10 billion of external borrowing.

For more details on today’s report, read November 2012’s financial statement and summary analysis.

More about Orange County Breeze

Did you know that we have a monthly print edition?

We do!

We also have digital version of our print edition online.

To receive a daily email summary of the news, subscribe to our free daily feed!

Enhanced by Zemanta


About the Author

courtesy
This author is used when OC Breeze publishes news releases from other organizations.



Subscribe to our daily morning email news update!
 
 

 
DARTS-cover-art-2014011

November Dining, Arts and Entertainment listing available now!

Our popular monthly Dining, Arts & Entertainment (DARTS) listing is available as a downloadable pdf document. Now the November 2014 DARTS can be downloaded for free! From cover to back, it’s pages are stuffed with event l...
by shelley
0

 
 
HBPD-shoulder-patch

Huntington Beach teen struck, killed by car

According to the Orange County Coroner, Huntington Beach resident Monique Zarazua, 17, was struck by a car shortly after 5:30 a.m. on Monday, Oct. 27, while walking at Beach Blvd. and Yorktown Ave. in Huntington Beach. Ms. Zara...
by courtesy
0

 
 
HBPD-shoulder-patch

Off-duty LAPD officer arrested for public lewdness in Huntington Beach

On Thursday, Oct. 23, shortly after 7:30 a.m., detectives from the Huntington Beach Police Department were conducting surveillance in the area of Bolsa Chica St. south of Los Patos Ave. The surveillance was part of an investiga...
by courtesy
0

 

Subscribe to our daily overnight news summary!

 
Orange County seal

OC Registrar of Voters announces manual tally of votes cast

Pursuant to California Election Code section 15360 (d) this serves as public notice that we will be conducting a random draw of 1% of our precincts in the Nov. 4, 2014 General Election to be used in a manual tally of votes cast...
by courtesy
0

 
 
Letters-to-the-editor_MCS

Letter to the editor: a Cypress resident endorses Blount for CSD Board

The following letter was originally addressed to Steve Blount, who is running for re-election to the Cypress School District Board of Trustees. Related articles Candidate statement: Steve Blount Cypress School District (oc-bree...
by courtesy
0