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SACRAMENTO – State Controller John Chiang on Tuesday released his monthly report covering California's cash balance, receipts and disbursements in November 2013.
Revenues for the month totaled $6 billion, missing estimates in the state budget by $375.6 million, or 5.9 percent.
This was caused, in large part, by timing issues associated with the Thanksgiving holiday and the “Black Friday” weekend occurring at the end of November.
That resulted in $440 million of sales tax revenue from November sales not being collected and recorded until the first few days of December.
Even without this $440 million, revenues collected during the first five months of the fiscal year totaled $31.4 billion, beating year-to-date estimates by $228.1 million.
State spending for the same period was down $126.3 million from estimates.
“Revenue collections through the first five months of this fiscal year provide us with millions of reasons to be cautiously optimistic about California's near-term fiscal outlook,” said Chiang. “However, unless we remain disciplined with our spending and pay down the billions of debt accrued during the Great Recession, even a modest swing in our economy could return us to deficit budgets.”
Sales tax receipts were significantly impacted by timing issues at the end of the month.
November collections appeared down $398.3 million (13.3 percent), but that was caused by $440 million in late deposits that were credited to December.
The state did see a jump in corporate tax refunds in November, pushing the balance for corporate receipts down to -$138.6 million (A negative number for any tax program indicates that tax refunds exceeded tax receipts for that month).
Personal income taxes for November came in $8.9 million below (0.3 percent) estimates. While personal income tax collections exceeded projections, they were more than offset by higher-than-anticipated refunds.
The state ended the month with a general fund cash deficit of $19.6 billion, which was covered with both internal and external borrowing.
That figure was down from last year, when the state faced a cash deficit of $24.9 billion at the end of November 2012.
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NORTHERN CALIFORNIA – Post Offices nationwide will be open Christmas Eve, Tuesday, Dec. 24, and New Year’s Eve, Tuesday, Dec. 31.
Most Post Offices will shorten retail lobby hours and close at noon on these dates. Regular mail delivery will be unaffected by the change.
Revised hours will be posted at each Post Office and commercial customers are asked to check with their business mail entry units for specific information regarding holiday hours of operation.
Blue collection boxes having final collection times before 12 p.m. will not be affected by these changes. However, collection boxes with final collection times scheduled after that may be collected early.
Therefore, mail should be deposited into these mailboxes by 12 p.m. for early pickup Dec. 24 and Dec. 31.
Customers requiring postal services later on those days are encouraged to contact their local Post Office. Customers also may call 1.800.ASK.USPS for additional information.
Areas where Post Offices may have different hours from this schedule will issue local media announcements specific to their locations.
Post Offices will be closed Dec. 25 and Jan. 1. Only Priority Mail Express will be delivered on Christmas Day and New Year’s Day. All Post Offices will be open and regular mail delivery will resume Dec. 26 and Jan. 2.
For the most up-to-date holiday information, go to www.usps.com/holidaynews . There you’ll find holiday mailing and shipping deadlines, packing tips and information about Letters to Santa.
Information is also included about all of the Postal Service’s holiday forever stamps, including Christmas: Holy Family Stamp, Christmas: Virgin and Child by Jan Gossaert, Eid Stamp, Gingerbread Houses, Global Evergreen Wreath International Stamp, Hanukkah Stamp, Kwanzaa Stamp and Poinsettia Stamps.
The Postal Service receives no tax dollars for operating expenses and relies on the sale of postage, products and services to fund its operations.
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LAKEPORT, Calif. – Lakeworks, located at 307 N. Main St. in Lakeport, is now open Tuesdays through Saturdays.
In addition to fabulous products, arts, and crafts by Lake County artisans, local makers, musicians and authors will be hosting workshops and events.
Wayne Shaffer will answer questions about “great companion dogs” and sign his book, “A Better Dog in Six Weeks” on Friday, Dec. 6.
On Saturday afternoon, Dec. 7, Steve Bartholomew will share excerpts of his latest novel, “Black Bart Reborn.”
Lakeworks will be hosting another local author, Peter MacRae, as he discusses his book, “The Poppies of Mohammed,” on the afternoon of Saturday, Dec. 14.
Every Thursday is Lake County Co-op Day, with fresh local produce available for sale.
And finally, workshops such as “making lavender wands” are being planned.
For more information, call Cheri, Christy or Lexie at 707-263-5787.
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SACRAMENTO – In a state noted for its freeways, Californians are riding trains in unprecedented numbers.
In 2012-13, Amtrak California carried a record 3.9 million passengers on its thriving Pacific Surfliner and San Joaquin rail lines.
Over the past 10 years, ridership on the Pacific Surfliner, the second-busiest rail corridor in the nation, and the San Joaquin, the fifth-busiest, increased by nearly one million passengers and ticket revenues skyrocketed from $44 million to $102 million.
“In California, a rail renaissance is underway. Train travel is increasingly seen as a smart option,” said Caltrans Director Malcolm Dougherty.
Caltrans provides funding to run all three intercity passenger rail lines in California: the Pacific Surfliner, the San Joaquin, and the Capitol Corridor, which had a combined ridership of 5.6 million passengers in 2012-13. The recently approved 2013 California State Rail Plan includes plans to add more trips to each of the routes.
Since Caltrans began funding the Pacific Surfliner corridor between San Diego and San Luis Obispo in 1976, nearly $1 billion in capital improvements have been made, and the number of daily trains has risen nearly fourfold from three daily round trips to eleven.
Caltrans has invested $460 million since 1979 to improve the San Joaquin corridor between Bakersfield-Sacramento-and the San Francisco-Oakland Bay Area. Passenger service has increased from one daily round trip to six (four between Oakland and Bakersfield and two between Sacramento and Bakersfield).
In 2011, the Federal Railroad Administration awarded two grants to Caltrans for $168 million for the purchase of 15 rail cars for the Pacific Surfliner, three locomotives for the San Joaquin corridor, and 12 rail cars and three locomotives for the Capitol Corridor.
In Southern California, a $163 million, 15-mile main line track expansion between Commerce and Fullerton, known as the Triple Track Project, is building an additional third track next to two existing lines. The Pacific Surfliner, Metrolink, and freight trains currently share two tracks, which can create congestion.
Additionally, in 2012, three new tracks opened at Los Angeles Union Station along with a platform to serve Amtrak and Metrolink passengers.