Orange County Breeze
News of Northwest Orange County, CA




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!
 
 

 
California-ISO-logo

NV Energy approved to join expanded market to balance Western power grid

The Public Utilities Commission of Nevada approved on Aug. 27 NV Energy’s request to participate in the expanded Energy Imbalance Market (EIM), which automatically optimizes resources across a wide geographic region and in tu...
by courtesy
0

 
 
Cypress High School official logo.

Cypress High School celebrates its 40th anniversary with a new logo

Last year a committee was developed in order to look at rebranding the Cypress High School logo, comprised of Alumni, ASB, Athletics and Administration. As the process progressed, it was evident that multiple images and logos w...
by courtesy
0

 
 
Valiant Brewing Company logo.

Orange-based Valiant Brewing Company named to 2014 Ten Best at US Open Beer Championship

One of Orange County’s newest microbreweries is already making a name for itself in the national craft beer industry, with its award winning beer.Valiant Brewing Company first opened its doors in March of 2013. Head brewer Br...
by courtesy
0

 

Subscribe to our daily overnight news summary!

 
City of Anaheim civic seal

Anaheim to host Transportation Fair to raise funds for local charities

Supporting local nonprofit organizations is fun – and tasty – here in Anaheim. Anaheim will celebrate California Rideshare Week, October 6-10, by hosting the City’s 23rd annual Transportation Fair, which includes a Chili ...
by courtesy
0

 
 
Sign board in front of Lexington Junior High School. Photo by Katie Wiedel.

New Lexington principal introduces himself

It is with great pride and excitement that I introduce myself to you as the newly appointed principal of Lexington junior high school. I am elated to continue my efforts here at Lexington Junior High School and I look forward t...
by courtesy
0