California November Revenues Well Below Projections
Friday, December 7, 2012
On its face, the revenue picture for November sounds awful. Total cash came in more than $806-million below projections in the 2012-2013 state budget.
But much of shortfall has to do with revenue coming in sooner than predicted.
Tax revenue associated with Facebook shares came in during the month of October while budget planners had expected those funds in November.
Total personal income taxes were down 19-percent. Corporate taxes were $187 million below projections.
A portion of the corporate tax drop was result of higher than expected corporate tax refunds for the month. On the positive side, sales taxes were up 3.8 percent.
State Controller John Chiang says the numbers serve as a "sobering reminder" the economy is expanding at a slow but uneven pace. And that it will require the state to be cautious in its fiscal management in the coming year.