February Revenues 8% Below Estimates, Year-to-Date Still $4.8 Billion Above Expectations

Cash received by the state  in February was $322 million below the $3.9 billion expected in Gov. Jerry Brown’s budget plan, released in January, according to the Department of Finance’s March Bulletin..

Since the fiscal year began on July 1, revenues are $4.8 billion above the forecast of $54 billion.

During February, personal income tax revenues were off the most, $429 million below the month’s forecast of $2.1 billion.    Read more »

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Controller’s January Cash Report — California $4.3 billion More Flush Than Expected

Total revenues for January 2013 were $4.3 billion above estimates found in the Governor’s budget plan presented early in the same month, according to State Controller Johan Chiang.

The spike in revenues – 39 percent higher than anticipated – appears in Chiang’s report covering California’s cash balance, receipts and disbursements for the first month of the calendar year, released February 8.    Read more »

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State Income Tax Collections $5 Billion Above Estimates in January

Income tax collections by the state in January – estimated payments by individuals and withholding done by employers totaled $12.7 billion — $5 billion over the Brown’s administration’s estimates, the Legislative Analyst said February 1.

While the analyst noted that more revenues now could mean less later – particularly in April, the highest collection month of the year — the unexpected cash may just be more cash than expected.    Read more »

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Reaction to Gov. Jerry Brown’s Budget

A scrupulously arbitrary review of 16 statements by lawmakers and statewide elected officials finds Gov. Jerry Brown’s latest budget plan to be generally praiseworthy.

“It’s not time to roll out a ‘Mission Accomplished’ banner yet, but today’s news gives Californians a reason to hold our heads high and put dunce caps on our state’s critics,” says Assemblyman Bob Blumenfield, a Van Nuys Democrat who chairs the lower house’s budget committee.    Read more »

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Gov. Jerry Brown Presents His Budget for the Fiscal Year Beginning July 1

Watch it here.

 Read this at Capitol Weekly.

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What to Expect — And Not Expect — In Gov. Jerry Brown’s New Budget

 The $130 billion budget Gov. Jerry Brown will unveil January 10 will largely be a yawner.

Relatively speaking anyway.

There’ll be no deluge of doom-and-gloom denunciations over the draconian measures the Democratic governor proposes as there were two years ago when the state faced an estimated $26.6 billion gap between revenues and spending commitments.    Read more »

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Good Budget News: December Cash Collections Up More Than $100 Million

SACRAMENTO – After accounting for timing issues related to sales tax deposits, December’s tax receipts were $103.4 million above estimates contained in the budget for the current fiscal year ending June 30, according to  Controller John Chiang’s monthly cash balance report released January 9.

“While December’s figures were distorted by timing issues, the month’s revenues closely match budget projections and offer further evidence that California’s economy is slowly mending,” said Chiang.    Read more »

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After The November Election, FitchRatings Says This About California:

Fitch Ratings-New York — 05 December 2012:

“The State of California’s progress in recovering from the severe fiscal challenges of recent years could receive an additional boost thanks to the outcome of the Nov. 6 election. The state’s fiscal recovery is incomplete and challenges remain but continued economic improvement, a demonstrated commitment to more sustainable budgetary operations and progress on reducing budgetary debt would be viewed positively by Fitch.    Read more »

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Some Facts Worth Remembering About California’s Budget

This is the fourth straight year California’s books have carried a deficit.

The Golden State ended its fiscal year June 30, 2012 $3.6 billion in the hole, the Legislative Analyst said in an updated report on the state’s budget issued after Gov. Jerry Brown completed action on the 776 bills lawmakers sent him after they adjourned for the year on August 31.    Read more »

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All-Time Record Low Interest Rate on State Bond Sale

California completed a $1.75 billion sale of general obligation bonds September 24 with the state paying an all-time low interest rate of 3.72 percent on 30-year bonds, according to the state Treasurer’s Office.

Retail investors ordered 58.3 percent of the offering. 

Of the bonds sold, $1 billion raise new money for various types of public works projects while $750 million refinances existing debt at a lower interest rate.     Read more »

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