SACRAMENTO – 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.
http://capoliticalnews.com/2012/12/07/ca-revenues-down-806-million-cash-deficit-24-9-billion/
Saturday, December 8, 2012
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