Controller Says Revenue Nearly $500 Million Below Estimates for First Month of New Fiscal Year
SACRAMENTO – Total revenues were $475 million below projections contained in the budget for the fiscal year that began July 1, said State Controller John Chiang on August 13 in his monthly report covering California’s cash balance, receipts and disbursements in July 2012.
“Revenue collections were disappointing for the month of July,” said Chiang. “However, because spending appears to be tracking and the funds that the state depends on for liquidity are performing well, California’s cash outlook remains stable.”
Personal income taxes in the month of July rose $12 million above projections, while sales taxes were down $295 million, more than one-third less than projected. Corporate Read more »