Eight Days Left in April — Still Nearly $4 Billion Short
With eight days left in April, personal income tax receipts crested $5 billion – less than half the $12.8 billion collected in April 2008 and almost $4 billion short of the $8.9 billion, Governor Arnold Schwarzenegger’s Department of Finance estimates the state will take in during the month.
April is a crucial budgetary month because it is when the state receives the most personal income tax revenue. Less-than-expected revenue worsens the state’s budget imbalance which is already estimated at a minimum of $8 billion. Better-than-anticipated collections narrow the gap between cash and spending
The Monday after the April 15 filing deadline — April 20 — saw $1,150,715 in collections. But the subsequent Tuesday and Wednesday saw only $525,930 and $397,506, respectively.
On the same Tuesday and Wednesday in 2008, $650,876 and $694,486 were logged.
The Franchise Tax Board cautions that each year the timing of returns being received and when they get counted varies. A multi-billion dollar bonanza could occur on April 30. However, with eight days left, being $4 billion short of the break-even line, is far from ideal.
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8 days left but no money yet ? how come you don’t waive my DMV fees, how the hell Am I going around and balance your budgets…I am sure John Chang knew me well. he got so many tax lien properties but he won’t send me one so I can buy it and make some profit to buy another car to help him balance his budgets.
Comment by Mimi Le — 4.22.2009 @ 9:42 pm
Once you and your lovely pay your joint return, everything in the state will get back to normal.
You were always on my mind . . .
Comment by W. Nelson — 4.22.2009 @ 11:15 pm
Hey, Demoncats and Republitards, I’ve got an idea. Why don’t you tax us even more so your revenue drops further? I really think driving business out of the state is the solution. Oh, wait a minute – you already thought of that when you created Prop. 1A. Nice going.
Comment by Scott Vines — 4.23.2009 @ 1:48 pm
There’s money!
First 5s are sitting on over $2 BILLION dollars, funds they can use over the next 5 years while they help the rest of California. It’s a total misstatement for them to say that those monies are already committed to certain programs because with one vote their commissions can direct those reserves to whatever they choose to. So, who’s to be trusted?
Well, IMO, it’s not First 5. They are run by Commissioners who vote for budgets that direct cash to their own departments and organizations AND they are misstating facts about how 1D would affect their daily work over the 5 year span of it. Prop 1D puts the County Auditor on the Commission to oversee their actions.
If that does not bother you then this should: the First 5 lobbyist has received $1 million of First 5 funds – about $200K of that went straight to her pension plan – IRS forms say so! Prop 1D stops her from taking any new First 5 funds!
Vote YES on 1D !
Comment by yikes123 — 4.23.2009 @ 3:33 pm
Here’s something to chew on about First 5 (Prop 1D):
Although some expenditure for evaluating programs is required by the First 5 statute, over the last 7 or so years, audited financial statements reveal that First 5 commissions have spent approximately $100 MILLION on evaluation. How can it cost that much?
Well, First 5 evaluation payments go mainly to private consulting firms like Harder and Company, not to children 0 to 5!
Based on audited financial statements and adding a standard 3% for inflation, an analysis shows that in 10 years, they are on course to spend over $300 MILLION on evaluation.
In 15 years, it will top $500 MILLION. In 25 years: $1 BILLION dollars .
First 5 Commissioners are misspending funds: Proposition 10 was not meant to make the evaluators RICH!
Let’s put some of the money back towards helping kids and get ourselves out of this budget mess – VOTE YES on 1D!
Comment by yikes123 — 4.25.2009 @ 6:24 pm