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!
 
 

 
weather icon, sunny

Today’s weather forecast for Friday, July 25

Today’s local weather: Patchy fog before 11am. Otherwise, mostly sunny, with a high near 85. Light southwest wind increasing to 5 to 10 mph in the afternoon.
by courtesy
0

 
 
Orange County District Attorney logo

Woman convicted of pimping out of Anaheim motel

A woman was convicted today of conspiring to pimp two women from a brothel that she operated out of a motel. Ramona Judith Mora Garcia, 41, Anaheim, pleaded guilty today to two felony counts of conspiracy to commit pimping. She...
by courtesy
0

 
 
sun, palm trees, heat, hot, summer

Anaheim offers cooling centers and health care tips during warm weather

In times of higher than normal temperatures, Anaheim libraries and community centers serve as regional Cooling Centers, offering relief from the hot weather. The list of Cooling Centers is listed below.  In addition, the follo...
by courtesy
0

 

Subscribe to our daily overnight news summary!

 
UCLA-Anderson-Forecast

UCLA Anderson shows California commercial development growing

A new forecast from Allen Matkins/UCLA Anderson expects commercial development in California to grow cautiously over the next two to three years due to improved job and income growth and inadequate supply of developed commercia...
by shelley
0

 
 
Long Beach Police Department shoulder patch. Courtesy photo.

LBPD ask public help to identify robbery suspect

On Wednesday, July 2, 2014, at approx. 4:30 p.m., a female was attacked in the parking lot of a local shopping center located in the 4000 block of Atlantic Ave., and investigators are hoping that someone may be able to identify...
by courtesy
0