Business News
Receipts for the month were $562.5 million, or -5.8 percent, below estimates found in the 2010-11 State Budget.
“It is clear that next year’s budget deficit will not be solved by a surge in revenues,” said Chiang. “Rather than hope for a miracle, lawmakers must take the tough actions necessary to bring the budget back into balance.”
In the month of December, sales taxes were down $50.2 million (-2.3 percent), and personal income taxes came in $64.1 million above (1.3 percent) estimates.
Corporate taxes were down $529.9 million (-25.6 percent), indicating that the unexpected $263 million in November’s corporate tax collections were merely accelerated revenues.
The state faced a $20.8 billion cash deficit on Dec. 31.
That deficit was covered by $10.8 billion of internal borrowing – short term loans from special funds – and $10 billion of external borrowing.
December 2010’s financial statement and the summary analysis can found on the Controller’s Web site at www.sco.ca.gov.
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The Honorable Lucy H. Koh, Judge, United States District Court Northern District of California, will administer the oath.
Yee represents the Board of Equalization, First District which is comprised of 21 counties in northern and central California that include the nine-county San Francisco Bay Area region, which includes Lake County.
As a board member, Ms. Yee will continue to work hard to ensure California’s tax laws are interpreted and applied correctly, fairly, and consistently when hearing and deciding business and income tax appeals.
The board oversees over 26 revenue programs that provide funding for vital programs such as public education, health care, natural resources and environmental protection, and public safety.
A native of San Francisco, Yee received her bachelor of arts degree in sociology from the University of California, Berkeley, and her master's degree in public administration from Golden Gate University, San Francisco.
She has more than 20 years of public service experience, primarily in the area of state and local finance.
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