California January revenues $3.4 bln above budget thanks to increased tax rates (CA State Controller)

Excerpt:

February 8, 2013 – State Controller John Chiang today released his monthly report covering California’s cash balance, receipts and disbursements in January 2013. Total revenues for the first month of the calendar year were $4.3 billion above (39.1 percent) estimates found in the Governor’s proposed 2013-14 State budget.  “Last month’s revenues were by far the highest that California has seen in any January for the past decade. Along with increased auto sales, rising home values, and more construction, it signals that California may be entering an era where we can govern outside of crisis,” Chiang said. “However, given our state’s troubled history with boom-or-bust revenue cycles, this good news must be tempered with increased fiscal discipline in how we interpret and budget January’s collections.”

Link to Full Press Release: http://sco.ca.gov/eo_pressrel_13086.html

Link to California Controller’s February 2013 Summary Analysis: http://www.sco.ca.gov/Files-EO/02-13summary.pdf

Link to California January 2013 Statement of General Fund Cash Receipts and Disbursements: http://www.sco.ca.gov/Files-EO/fy1213_jan.pdf

 

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