Tag Archives: 2011CalBudget

California Revenues Continue Below Budget

October is usually a good month for California collections (of taxes). After all, it’s the extension deadline and many residents send more money to Sacramento. This month, though, revenues were $810 million below budget; the deficit year to date is … Continue reading

Posted in California | Tagged | 1 Comment

Sometimes the Light at the End of the Tunnel Is an Oncoming Train

September revenue in California came in at a bit more than $300 million under forecast. That brings the fiscal year to somewhere between $700 and $800 million below forecast. (The California Controller’s office and the California Finance Department use slightly … Continue reading

Posted in California | Tagged | Comments Off on Sometimes the Light at the End of the Tunnel Is an Oncoming Train

New Math: California Missed August Revenue Forecast

Just over one week ago, I wrote that California tax collections in August exceeded the budget. It turns out that California Controller John Chiang apparently had $75 million of insurance tax in August that was actually received in September. Thus, … Continue reading

Posted in California | Tagged | Comments Off on New Math: California Missed August Revenue Forecast

California Collections Improve in August

California revenues slightly surpassed budgeted amounts in August. Revenues were ahead of plan by $134.9 million. For the 2011-2012 fiscal year, revenues remain $403.8 million below estimates. The good news, though is just slight. The budget counted on $4 billion … Continue reading

Posted in California | Tagged | Comments Off on California Collections Improve in August

California Revenues Below Expectations; State Likely Looking at a $5 Billion Deficit

I’m shocked, just shocked to find out that the Bronze Golden State is already falling behind on collections. That was sarcasm, of course. In June, California collections were $350 million below the budgeted amount. In July, they were $539 million … Continue reading

Posted in California | Tagged | Comments Off on California Revenues Below Expectations; State Likely Looking at a $5 Billion Deficit

Only in California: $440.5 Million in Extra Revenue Is $350 Million Short

Here in the Bronze Golden State, the state income numbers for June have just come in. Collections came in better than forecast by $440.5 Million. That seems good, but it’s not quite good enough to meet California’s budget. That budget … Continue reading

Posted in California | Tagged | Comments Off on Only in California: $440.5 Million in Extra Revenue Is $350 Million Short

Democrats Invent Revenue; Budget to Pass Later Today

Jerry Brown faced one reality yesterday: The votes aren’t there for extension of the temporary tax increases passed two years ago. However, he and Democratic leaders of the California legislature will be passing a budget today that will on paper … Continue reading

Posted in California | Tagged | Comments Off on Democrats Invent Revenue; Budget to Pass Later Today

Chiang Docks the Legislature; Was Budget Just $1.86 Billion Off?

California Controller John Chiang announced today that the budget proposed by the Democrats was not balanced and that therefore he would stop paying the legislature until a balanced budget is voted on. Mr. Chiang stated, “The numbers simply did not … Continue reading

Posted in California | Tagged | Comments Off on Chiang Docks the Legislature; Was Budget Just $1.86 Billion Off?

Partisan Budget Passed by Democrats, Vetoed by Gov. Brown

In the latest episode of As the Budget Churns, last night Democrats in the California legislature passed a budget but received no Republican votes for it. The budget that passed was typical for the last few years: Full of gimmicks … Continue reading

Posted in California | Tagged | Comments Off on Partisan Budget Passed by Democrats, Vetoed by Gov. Brown