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 Police shoulder patch

Cypress police blotter, August 21 to August 27

The items shown below are selected from the logs of the Cypress Police Department. No inference of guilt is implied in showing any item. August 21, 2014 Trespassing – 8:26 a.m. – 9200 block of Grindlay St. - A femal...
by Katie
0

 
 
Los Alamitos police shoulder patch

Los Alamitos police blotter, August 22 to August 28

The items shown below are selected from the logs of the Los Alamitos Police Department. No inference of guilt is implied in showing any item. August 22, 2014 Suspicious Occupied Vehicle – 10:17 a.m. – 3600 block of ...
by Katie
0

 
 
Christine Marie Reynolds

Daughter to be arraigned today for murdering her own mother in Rossmoor

A daughter is scheduled to be arraigned today for shooting and murdering her 96-year-old mother. Christine Marie Reynolds, 71, Rossmoor, was charged today with one felony count of murder with a sentencing enhancement for the pe...
by courtesy
0

 

Subscribe to our daily overnight news summary!

 
car driver

California cities do not rank high on Allstate’s Best Drivers Report

According to Allstate’s tenth annual America’s Best Drivers Report, the best driver’s in the country toodle around Fort Collins, Colorado. The 2014 rankings are based on a city’s population, density, and weather. Th...
by shelley
0

 
 
PFC Charles Jacobo. Photo by Sgt. John L. Carkeet IV, 143rd Sustainment Command (Expeditionary), courtesy of DVIDS.

Anaheim paratrooper helps expand Estonian school

Pfc. Charles E. Jacobo, an Anaheim, California, native and health care specialist attached to Company B, 2nd Battalion, 503rd Infantry Regiment, 173rd Airborne Brigade, removes rocks and weeds in preparation for the constructio...
by courtesy
0