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!
 
 

 
Cypress School District Trustee Valeri Peters Wagner. Courtesy photo.

Candidate statement: Valeri Peters Wagner, Cypress School District

Valeri Peters Wagner is a candidate for election to the Board of Trustees of the Cypress School District. Ms. Peters Wagner is an incumbent. The Cypress School District serves parts of La Palma, Cypress, and Buena Park. Ms. Pet...
by shelley
0

 
 
pilots-in-airplane-cockpit_MCS

John Wayne Airport changes runway designations

Due to a gradual shift of the Earth’s magnetic poles, both runways at John Wayne Airport (JWA) will receive new number designations on September 18, 2014. JWA’s 5,700-foot air carrier commercial service runway will ...
by courtesy
0

 
 
Mike Schoppman, candidate for Cypress City Council in 2014. Courtesy photo.

Candidate statement: Mike Schoppman, Cypress City Council

Mike Schoppman is running for election to one of three open seats on the Cypress City Council. Mr. Schoppman responded to our invitation, extended at a recent City Council meeting, to all local candidates to send us a photo and...
by shelley
0

 

Subscribe to our daily overnight news summary!

 
A drought no-no: sprinklers watering the sidewalk.

Golden State Water notifies customers of State drought regulations

Golden State Water Company (Golden State Water) has been ordered by the California Public Utilities Commission to notify its customers of the State Water Resources Control Board’s (Board) recent adoption of emergency restrict...
by courtesy
0

 
 
Seal of the County of Orange, California, with quasquicentennial ribbon. Graphic courtesy of the County of Orange.

High temperatures and wildfire smoke pose potential health risk

Higher than normal temperatures are expected throughout the weekend in many inland Orange County cities, increasing the risk of heat-related illnesses. In addition, smoke from the wildland brush fire burning in Silverado Canyon...
by courtesy
2