10.09.2009

Controller John Chiang: California is still doomed

Just three months into the new budget year, California's revenues are already more than a billion dollars short of the revised revised revised estimates.
=> Compared to the amended 2009-10 Budget Act, General Fund revenues are below the year-to-date estimate by $1.08 billion (-5.3%). The three largest sources of revenue were lower than the estimates by $1.62 billion (-8.3%).

=> Sales tax collections year to date are $285 million under (-4.3%) the amended 2009-10 Budget Act estimates. Income taxes were $1.18 billion (-11.0%) lower than expected, and corporate taxes also came in lower than expected by $155 million (-7.4%).

And for you "green shoots" / "second derivative" types, check this out:
Because the amended 2009-10 Budget Act estimates contained actual revenue through its passage, this revenue deterioration occurred primarily in August and September.

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