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

Alamitos Eye Care | Supports LAUSD, LAEF, and Youth Center Programs | 562-430-6161 | 10951 Cherry St., Los Alamitos

(Click above for more information.)

Subscribe now to our FREE Daily Overnight News Summary



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.



 
 

 
weather: partly cloudy

Weather in northwest Orange County for Monday, March 30, 2015

Today’s weather in northwest Orange County for Monday, March 30, 2015, in Southern California, along the Los Angeles County border: Patchy fog before 11am. Otherwise, cloudy through mid morning, then gradual clearing, wit...
by shelley
0

 
 
Alandale Insurance Agency’s President Gary Neal.

Alandale Insurance Agency supports Los Alamitos Youth Center

As part of the Youth Center’s month-long Community Support Campaign going on now until April 28 at the Youth Center in Los Alamitos they are acknowledging the support of local donor Alandale’s Insurance Agency of Los Alamit...
by courtesy
0

 
 
11110 Los Alamitos Boulevard, world HQ for OC Breeze

Orange County Breeze World Headquarters to be closed for Easter Triduum

Today is Palm Sunday, the beginning of the Christian Holy Week that builds towards the celebration of Easter Sunday morning. Closed for Easter Triduum In observance of the Easter Triduum, the three-day period starting with Good...
by cehwiedel
0

 

Subscribe to our daily overnight news summary!

 
Todd Spitzer headshot

Todd Spitzer responds to remark about Dekraai case by Susan Krang Schroeder

In response to the recent statement made by District Attorney’s Chief of Staff Susan Krang Schroeder that, “Spitzer is running for D.A. on the graves of eight murdered people,” (A Fight They Won’t Take On, Supervisors H...
by cehwiedel
0

 
 
A red beanie baby particpates in the program to promote heart-healthy habits. Photo courtesy of fodada.

Orange County newborns to go red in support of better heart-healthy habits

The Orange County American Heart Association and a local caused-based clothing company, fodada, are teaming up for the Newborns Go Red Campaign to spread awareness of heart-healthy futures. All babies born in participating Oran...
by courtesy
0