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.
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[...] State Controller John Chiang has announced that total state revenue for the month of November 2012 fell $806.8 million, or 10.8%, below [...]
[...] in Freefall Posted at 7:15 on December 8, 2012 by California State Controller John Chiang has announced that total state revenue for the month of November 2012 fell $806.8 million, or 10.8%, below [...]
[...] State Controller John Chiang has announced that total state revenue for the month of November 2012 fell $ 806.8 million, or 10.8%, below [...]
[...] State Controller John Chiang has announced that total state revenue for the month of November 2012 fell $806.8 million, or 10.8%, below [...]
So…..that whole RICH HUNT thing didn’t work out so well then.
Sadly this is just the beginning. Nice weather here but the liberal hubs of SF and LA are smothering the state with their oppressive tax policies and over regulation.
[...] REVENUES IN FREEFALL by CHRISS W. STREET 8 Dec 2012 California State Controller John Chiang has announced that total state revenue for the month of November 2012 fell $806.8 million, or 10.8%, below [...]
[...] California revenues are 10.8% below budget projections despite Prop 30′s intent on taxing the rich. [...]
[...] me) Skip to content HomeAbout MeShopping California State Controller John Chiang has announced that total state revenue for the month of November 2012 fell $806.8 million, or 10.8%, below [...]
[...] State Controller John Chiang has announced that total state revenue for the month of November 2012 fell $806.8 million, or 10.8%, below [...]
[...] State Controller John Chiang has announced that total state revenue for the month of November 2012 fell $806.8 million, or 10.8%, below [...]
Gee, maybe if they pushed the income tax to 30% of gross income they could “solve” the problem? Oh, and put up checkpoints to keep money and people from leaving. They could probably get fencing and guard towers CHEAP from the former E. German regime.
[...] balansarea bugetului. Doar că, surpriză pentru cetăţenii cu vederi socialiste din California!, socoteala de acasă nu s-a potrivit cu realitatea din târg. În cursul lunii noiembrie veniturile bugetare au fost cu 10,8% mai mici decât cele preconizate, [...]
[...] Tax Increase, California State Revenues in Freefall California State Controller John Chiang has announced that total state revenue for the month of November 2012 fell $806.8 million, or 10.8%, below [...]
[...] Moonbeam, California Governor Jerry Brown runs smack into Arthur Laffer’s curve, from Orange County Breeze: The following information was released by the California [...]
[...] State Controller John Chiang has announced that total state revenue for the month of November 2012 fell $806.8 million, or 10.8%, below [...]
[...] who know that "FantasyLand" is a part of an amusement park and not the whole state… California state revenues 10.8% below budget projections in November [...]
No one will name the big mexican elephant in the room
[...] Shock: California state revenues 10.8% below budget projections in November [...]
[...] analysis? About what you would expect for propagandists. California State Controller John Chiang has announced that total state revenue for the month of November 2012 fell $806.8 million, or 10.8%, below [...]
We are finished until the Glass-Steagle laws and more are put back into place to control the ‘Banksters.” Bill Clinton did us wrong in three places which have put us into this place. One-1994 he signed WTO and NAFTA which offshored the jobs. Two-Clinton signed the 1996 Telecommunications Act which ended a “Free Press.” Three-in 1999-2000 Clinton signed the Banking Deregulation Acts which finished the job with wiping out the successful banking regulation since the 30′s. Accident, I do not think so. All big things are planned. Democrats have become republicans in policy. Look at the DNC and the DFER. Their whole existance is based on corporatization and privatization and those are republican ideas and ideology. The Democratic Party has sold out their base and because they have been dumbed down with the lack of a free press which will not do real investigative journalism anymore we are stuck with this insanity and the common person being sold out by whoever is in the White House, Congress and the Supreme Court all of whom are cheaply bought off as is totally obvious.
Mr. Buzzetti,
Thank you for reading Orange County Breeze, and commenting on this article.
I disagree with your assertion regarding the result WTO and NAFTA. Generally, trade protectionism is a long-term futile battle, and short term keeps costs high for consumers.
The 1996 Telecommunications Act did not result in the current ineffectual mainstream media. Journalists can still investigate, if they are so inclined. They appear not to be.
Banking deregulation, on the other hand, appears to be a failure from the viewpoint of everyone but the “banksters” and those enriched by them, including members of both major political parties. Crony capitalism is an ugly perversion of free-market capitalism.
[...] raises taxes, revenues in free fall … unexpectedly! [Darleen Click] Wow, who woulda thunk? http://www.oc-breeze.com/2012/12/07/…s-in-november/ State Controller John Chiang today released his monthly report covering California’s [...]
[...] unshocking and completely predictable aftermath… California State Controller John Chiang has announced that total state revenue for the month of November 2012 fell $806.8 million, or 10.8%, below [...]
One often hears about California’s “fastest in the nation” job growth. Now, let’s look at the facts. Despite that great growth, we STILL have the nation’s 3rd highest unemployment rate, only behind Nevada and Rhode Island.
CHART: California Unemployment Rate (October 2012) Compared to 49 Other States
http://www.twitpic.com/beykht/full
[...] California, who also raised taxes on the rich, was supposed to post a small surplus this year. But tax collections are coming in at 10.8 percent below budget projections. As a result, the state is now projected to be $1.9 billion in the red by the end of this fiscal [...]