June Taxes $200 Million Above Estimates, No Budget Near

June tax collections appear to be roughly $200 million over estimates as California reaches the end of the month with no budget in sight for the new fiscal year that begins July 1.

The higher than expected revenue eases slightly the state’s cash shortfall of $17.9 billion.  But agreement on how the rest of the cash hole is filled remains elusive.    Read more »

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June Tax Receipts Still Falling Short of Revenue Projections

With five days left in the month, state tax receipts for June are $211 million short of revenue projections.

In his revised budget released in May, Gov. Arnold Schwarzenegger estimated more than $5.5 billion in income tax revenue and $2.1 billion in bank and corporation tax payments for June.

If June payments come in above estimates, the state’s $17.9 billion budget hole shrinks.    Read more »

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A Look at How Public Schools Fared Over the Last 13 Budgets

Michael Hulsizer, head of legislative affairs for the office of the Kern County Superintendent of Schools, compiled the following comparison of the state’s general fund revenue growth and public school spending from July 1, 1998 through the fiscal year ending June 30, 2011.

There is also a percentage comparison of the increase in public school spending compared to other areas of the budget for the same period.    Read more »

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June Tax Collections Closer to Estimates But Still Fall Short

With nine days left in the month, state budget writers are waiting to see if June revenue projections hit their mark.

In his revised budget in May, Gov. Arnold Schwarzenegger estimated more than $5.5 billion in income tax receipts and $2.1 billion in bank and corporation tax payments for June.

If June payments come in above estimates, the state’s $17.9 billion budget hole shrinks.    Read more »

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Senate Democrats Pitch Major Changes in State County Roles

Counties would be given a bigger share of responsibility for California’s welfare system as well as some public safety, drug treatment and elderly care programs currently run by the state under a budget plan proposed June 21 by Senate Democrats.

The plan, which would impose nearly $4.3 billion in current state costs on counties over four years, proposes covering the new county obligations through a combination of tax increases including a new tax on oil extraction and postponing the effective date of two tax breaks benefiting mainly large corporations approved as part of the 2009 budget compromise.    Read more »

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The Morning After Isn’t Always An Unpleasant Experience

In fact, state budget writers are rejoicing the morning after the June 15 filing deadline for quarterly tax payments.

Through the 15th, the state had received $1.1 billion in personal  income tax payments — $723 million of it arriving June 14 and June 15 — and $516 million in bank and corporations tax payments.    Read more »

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State’s June Revenue Collections Are On Track at Mid-Month

June 15th is the constitutional deadline for lawmakers to submit a budget to the governor. The deadline will be missed, as it usually is.

Lawmakers meeting in a special two-house conference committee to reconcile the differences between the Senate and Assembly’s spending plans appeared nowhere near a deal June 15 on closing a $17.9 billion gap between revenues and spending commitments.    Read more »

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What Would $167.6 Million In Budget Savings Buy California?

As the dust settles on the June 8 primary, lawmakers are still grappling with how to close a $17.9 billion gap between revenues and spending commitments.

The often-missed constitutional deadline of June 15 to send a budget to Gov. Arnold Schwarzenegger is less than one week away and appears likely to be missed again.    Read more »

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May Tax Receipts Could Lessen Budget Hole By $500 Million

Although a final tally on refund requests won’t be known until the May 31, it still appears, as of May 28, the state will take in more than it expected for the month.

Gov. Arnold Schwarzenegger’s Department of Finance estimates net income tax collections of $2 billion for May.

Through May 27, withholding – the tax payments employers take out of employee checks and send to the state – stands at $2.7 billion, according to the Employment Development Department.    Read more »

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Healthy May Income Tax Showers Create Budgetary Flowers

All budget news isn’t grim – tax collections for May appear to be coming in nearly $400 million above estimates.

That helps provide the Legislature and GOP Gov. Arnold Schwarzenegger with more cash to close the state’s $19.1 billion cash shortfall and pushes off the date when the state’s stream of cash will begin to dry up, estimated now to be mid-to-late August by the Legislative Analyst if no budget is enacted before then.    Read more »

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