California revenues down by $705 million

[alp227]

Source: SF Chron

(10-10) 16:29 PDT Sacramento --

Revenues flowed into state coffers at a lower rate than projected in September, short about $302 million, putting California a total of $705.5 million below expectations for the first three months of the fiscal year, Controller John Chiang said Monday.

Department of Finance officials cautioned that the Controller's numbers count revenues in a way that may not show all the actual money on hand and that they may not be the most accurate picture of California's finances. Still, Chiang said the numbers were of concern.

As part of the budget deal signed in June, automatic trigger cuts would take place if revenues are projected to fall short of expectations by more than $1 billion. A second round of triggered cuts would take place if the revenues are short by $2 billion or more.

"For better or worse, the potential for revenue shortfalls is precisely why the governor and Legislature included trigger cuts in this year's state spending plan," Chiang said. "September's revenues alone do not guarantee that triggers will be pulled. But as the largest revenue month before December, these numbers do not paint a hopeful picture."

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/10/10/BAHB1LFU5Q.DTL

[valerief]

1. A tax cut for the very wealthy will fix that. nt

[tropicanarose]

7. Your post made me giggle....I shouldn't laugh as it is soo serious, but honestly that seems rope

to be the mind set of the job destroyers.

[valerief]

9. Tax cuts for the wealthy are the cure-all for everything. "Everything", of course, is what

benefits the wealthy. Nothing else matters. The most important thing in the world is for rich people to get richer, after all!

[msongs]

2. or a tax on industrial hemp grown there...oh wait.. never mind nt

[JI7]

3. hmmm, that's not much if you get the millionaires and billionaires in the state

and have them pay a certain amount of it. they can do a progressive tax on that also with those in the lower millions paying less percentage and higher millions/billions paying more.

[Igel]

6. Assuming a wealth tax. n/t

[tblue]

4. Yep. My state is in the crapper.

Streets and schools in need of repair. Libraries starting to charge fees for basic services. State colleges and universities raising tuition while cutting out classes. WTH are we doing to our 20-somethings and younger?!

[villager]

5. What we are doing to them -- my sons included -- is giving them the message "there's no future here"

"...and it's time to leave the California your grandparents came to..."

[alp227]

10. and the top comments on SFGate.com are whining about the state DREAM Act

(college financial aid for public college students who were brought here illegally as kids and graduated from a CA HS). How would you talk back for those blaming illegal immigration for budget deficits?

[saorsa]

8. Here in California

we live under the thumb of the minority 'cause of our 2/3 majority rules. They have run the show for decades, and no Democratic leader has ever stood up for us and said screw this. Least of all our current Governor. The years go by, and nothing - ever - changes. CREDO came in to CA last year to fight Prop. 23. ( Big Oil) We won that fight; for the time being. Then, CREDO went away. Just like our official Democratic Party does after every election; turn out the lights folks, and please, don't call us, we'll call you voters when we want you.
Imagine if CA threw the 2/3 rule out and wiped the floor with the Right Wing and all of it's cowering slaves and co-habitants of the gravy train that is our pathetic legislature. Might start a trend.....
Sorry, got carried away imaginin' again.....