Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

SunSeeker

(51,523 posts)
Thu Jul 11, 2013, 01:11 AM Jul 2013

State revenue beats estimates by $1.2 billion in June

The state collected about $1.2 billion more in tax revenue last month than Gov. Jerry Brown projected, ending the fiscal year about $2 billion ahead of expectations, the state controller reported today.

Controller John Chiang put tax revenue in June, the last month of the budget year, about 10 percent higher than Brown estimated the previous month, with revenue for the full year up about 2 percent.

"Rising employment, economic expansion and voter-approved tax increases have generated revenues outperforming even the rosiest of projections," Chiang said in a prepared statement. "However, California's history of boom or bust revenue cycles should be a cautionary tale that informs our spending decisions and incentivizes policymakers to prudently pay down accumulated debt."

Chiang said the state ended the fiscal year with a cash deficit of $2.4 billion - a deficit being covered by internal borrowing from special funds. The cash deficit was down from $9.6 billion at the end of 2011-12.

http://blogs.sacbee.com/capitolalertlatest/2013/07/california-tax-revenue-beats-projections-chiang-says.html _____________________________

Another case of Democrats fixing what Republicans broke.

2 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
State revenue beats estimates by $1.2 billion in June (Original Post) SunSeeker Jul 2013 OP
California is super agressive in tax collections now railsback Jul 2013 #1
Brown's estimate was deliberately lowballed KamaAina Jul 2013 #2
 

railsback

(1,881 posts)
1. California is super agressive in tax collections now
Thu Jul 11, 2013, 01:51 AM
Jul 2013

so no surprise there. Of course, none of it matters since our Federal government are apparently Nazis, ready to unleash the Apocalypse on our asses.

 

KamaAina

(78,249 posts)
2. Brown's estimate was deliberately lowballed
Thu Jul 11, 2013, 11:00 AM
Jul 2013

so the Legislature wouldn't have as much of a surplus to, as you put it, fix what Republicans broke, namely the social safety net: CalWORKS (a modest increase), Medi-Cal (dental services restored, but nothing else), and In-Home Supportive Services (another cut).

What he said we did have went to schools and -- debt service.

Latest Discussions»Region Forums»California»State revenue beats estim...