Orange County Breeze
News of Northwest Orange County, CA




Government

July 10, 2013
 

California state revenues in June beat governor’s estimate

More articles by »
Written by: courtesy
Tags: , , , ,
Printer-friendly version of this post Printer-friendly version of this post
seal of the controller of the state of California

The following information was released by California State Controller John Chiang.

State Controller John Chiang today released his monthly report covering California’s cash balance, receipts and disbursements in June 2013. Total revenues for the month equaled $13.1 billion, beating the Governor’s May Revision estimate by $1.2 billion (10.1 percent).

Total revenues for the fiscal year ending June 30 were $100.1 billion, topping estimates by $2.0 billion (2.0 percent).

“Rising employment, economic expansion and voter-approved tax increases have generated revenues outperforming even the rosiest of projections,” said Chiang. “However, California’s history of boom or bust revenue cycles should be a cautionary tale that informs our spending decisions and incentivizes policymakers to prudently pay down accumulated debt.”

The State ended the 2011-2012 fiscal year with a cash deficit of $9.6 billion, and by June 30, 2013, that cash deficit narrowed to $2.4 billion. The cash deficit is being covered by internal borrowing from special funds.

Personal income taxes for June came in $644.6 million above (8.7 percent) monthly estimates outlined in the Governor’s May Revision. Corporate taxes for June were $373.5 million above (21.5 percent) monthly estimates, while sales tax receipts were $70.1 million above (3.5 percent) estimates. The Controller offered a day-by-day accounting of these collections through a new June revenue tracker feature on his website.

For more details on today’s report, read June 2013′s financial statement and summary analysis.

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!
 
 

 
Dining, Arts, and Entertainment for August 2014.

August Dining, Arts and Entertainment listing available now!

Our highly popular Dining, Arts & Entertainment (DARTS) listing is available as a downloadable pdf document. Now the August 2014 DARTS can be downloaded for free! From cover to back, it’s pages are stuffed with event list...
by cehwiedel
0

 
 
weather icon, partly cloudy

Today’s weather forecast for Wednesday, July 30

Today’s local weather: Patchy fog before 11am. Otherwise, mostly sunny, with a high near 87. Light south wind becoming southwest 5 to 10 mph in the afternoon.
by courtesy
0

 
 
courtroom-diary

Courtroom Diary: The People vs. Steven Matthew LeClaire, Day 7

The matter of The People vs. Steven Matthew LeClaire (Case Number 11ZF0126) resumed on Monday, July 28, at the Orange County Superior Court Central Justice Center in Santa Ana. LeClaire is accused of two counts of attempted mur...
by Katie
0

 

Subscribe to our daily overnight news summary!

 
10-Civic-Roses

Cypress starts sewer construction project at Valley View and Orange

The Public Works Department will begin construction on the Valley View Street/Orange Avenue Sewer Project, CIP Project No. 79. Preliminary work is scheduled to begin July 28, with major construction beginning August 4. The proj...
by courtesy
0

 
 
SealBeachCitySeal-040314

Seal Beach Council approves November ballot measure to lower utility users tax

The Seal Beach City Council voted unanimously at its July 28 meeting to place a measure on the November 2014 ballot which would give Seal Beach voters the opportunity to update and lower their Utility Users Tax from the current...
by courtesy
0