December Revenues Up Slightly for California
Wednesday, January 9, 2013
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.