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Thu Jul 11, 2013, 01:11 AM

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.

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Reply State revenue beats estimates by $1.2 billion in June (Original post)
SunSeeker Jul 2013 OP
railsback Jul 2013 #1
KamaAina Jul 2013 #2

Response to SunSeeker (Original post)

Thu Jul 11, 2013, 01:51 AM

1. California is super agressive in tax collections now

 

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.

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Response to SunSeeker (Original post)

Thu Jul 11, 2013, 11:00 AM

2. Brown's estimate was deliberately lowballed

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.

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