December Revenues Up Slightly for California
By
Amy Quinton
Wednesday, January 9, 2013
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The California State Controller’s Office says December revenues were $103-million above estimates. But the report shows the state in only fair fiscal condition.
2012 is over, but the state's fiscal year is at the halfway mark.
And while revenues were above estimates in the state budget for the month, California still has a cash flow gap of $14.6 billion for the first six months of the fiscal year.
Income tax revenues in December were $767-million above
estimates, or about 13-percent. But adjusted sales tax revenues
were down almost seven percent.
The major disappointment continues to be the performance of
corporate taxes. For December those revenues were 31-percent below
estimates.
That's well below last year's totals.
Still, the report suggests there are signs of a slow economic
recovery for the state.
Total revenue for December was almost 3 percent above last
year's.