Facebook Becomes a Bigger Drag on the State Budget

On September 4, Facebook shares closed at $17.73. After-hours trading did bring the share price back to $18.05, however.

When the social media giant went public in May, the opening price was $38.00.

Facebook’s steady erosion in share price has a direct impact on the state budget.

Projections by Gov. Jerry Brown’s Department of Finance upon which the current budget is premised say in November Facebook stock will trade at $35.    Read more »

More

Employment Up in June, Revenues Down in July, Brown Administration Says

State tax collections for the first month of the fiscal year that began July 1 are $376 million below forecast for the month, the state Department of Finance Bulletin for August said August 17.

The bulletin said that of the $376 million shortfall, $197 million is revenue that arrived later than expected and will be counted in the next few months.     Read more »

More

Facebook’s Fall Takes Toll on State Revenue

On August 17, Facebook shares closed at $19.05.

Projections by Gov. Jerry Brown’s Department of Finance upon which the current state budget is premised say in November Facebook stock will trade at $35. The Legislative Analyst’s estimate is $45.

If those predictions are true then the state will pocket $1.2 billion, the Department of Finance says, and $2.1 billion by the analyst’s reckoning.    Read more »

More

Controller Says Revenue Nearly $500 Million Below Estimates for First Month of New Fiscal Year

SACRAMENTO – Total revenues were $475 million below projections contained in the budget for the fiscal year that began July 1, said State Controller John Chiang on August 13 in his monthly report covering California’s cash balance, receipts and disbursements in July 2012.

“Revenue collections were disappointing for the month of July,” said Chiang.    Read more »

More

Facebook Floundering

On August 3, Facebook shares closed at $21.09.

Depending who you listen to, the projections anchoring the current state budget say in November Facebook stock will trade at $35 – Gov. Jerry Brown’s Department of Finance’s view — or $45, the Legislative Analyst says.

If those estimates are true then the state will pocket $1.2 billion according to the Department of Finance and $2.1 billion the way the Legislative Analyst sees it.    Read more »

More

Downward Trend of Facebook Is a Downer for the State

Facebook shares hit a new low July 31 — $21.71, 43 percent below its initial public offering.

This isn’t good new for the state, which hopes to bank a healthy chunk of tax receipts from stock sales the distribution of 240 million Restricted Stock Units to Facebook’s 3,000 employees as early as November.    Read more »

More

June Revenues $622 Million Above Estimates

Tax collections from June, now the state’s largest month for receipts, were more than $11.7 billion — $622 million above estimates by state budget writers in May. 

Since January, revenues are ahead of projections by $540 million chiefly because of higher-than-anticipated income tax payments, according to the Department of Finance’s July bulletin.    Read more »

More

Revenues Up In June, Shortfall During the Last Fiscal Year Smaller, Controller Says

Controller John Chiang released his monthly report July 10 covering California’s cash balance, receipts and disbursements in June and for the complete 2011-2012 fiscal year which showed the state doing better financially than anticipated.

“The fiscal year ended with solid numbers in June – the State’s largest revenue month – but some revenue streams remain weak,” said Chiang in a statement.    Read more »

More

A Look at Some “Government Efficiencies” in Jerry Brown’s Two Budgets

On page 9 of the Summary of the budget signed by Gov. Jerry brown on June 27, he listed as an accomplishment “eliminating over 50 boards, commissions, task forces, offices and departments.” 

The list below, compiled by Brown’s Department of Finance, shows what’s been eliminated or consolidated. A number of the entities are advisory bodies, whose members are not compensted.    Read more »

More

The Number of On-Time Budgets Since 1977

For those keeping score at home, the Department of Finance maintains this spreadsheet showing the number of on-time budgets since 1977. That period spans the final term of Gov. Jerry Brown’s first two terms as governor and incldues the administrations of George Deukmejian, Pete Wilson, Gray Davis, Arnold Schwarzenegger and the 2011 budget signed by, once again, Jerry Brown.    Read more »

More