Business News
SACRAMENTO – State Controller Betty T. Yee reported California brought in less tax revenue than expected during the month of May.
Total revenues of $8.25 billion were below monthly estimates in the governor’s FY 2018-19 updated budget proposal by $784.2 million, or 8.7 percent.
With one month left in the 2017-18 fiscal year that began in July, total revenues of $115.38 billion are $784.2 million less than estimates in the May budget revision, but $4.52 billion higher than expected in the enacted budget.
Total fiscal year-to-date revenues are $10.10 billion higher than for the same period in FY 2016-17.
For May, personal income tax (PIT) receipts of $4.82 billion were $497.4 million, or 11.5 percent, higher than estimated in the governor’s May budget proposal.
For the fiscal year, PIT receipts are $3.28 billion, or 4.2 percent, higher than projected in the 2017-18 Budget Act.
May corporation taxes of $570.6 million were $79.2 million, or 12.2 percent, less than forecasted in the governor’s proposed budget unveiled last month.
For the fiscal year to date, total corporation tax receipts are 15.9 percent above assumptions in the enacted budget.
Sales tax receipts of $2.43 billion for May were $1.11 billion, or 31.4 percent, lower than anticipated in the governor’s FY 2018-19 amended budget proposal.
For the fiscal year, sales tax receipts are 1.7 percent lower than expectations in the 2017-18 Budget Act.
Unused borrowable resources through May exceeded amended budget projections by 13.4 percent.
Outstanding loans of $5.83 billion were $1.17 billion less than the governor’s May Revision expected the state would need by the end of May. The loans were financed entirely by borrowing from internal state funds.
Total revenues of $8.25 billion were below monthly estimates in the governor’s FY 2018-19 updated budget proposal by $784.2 million, or 8.7 percent.
With one month left in the 2017-18 fiscal year that began in July, total revenues of $115.38 billion are $784.2 million less than estimates in the May budget revision, but $4.52 billion higher than expected in the enacted budget.
Total fiscal year-to-date revenues are $10.10 billion higher than for the same period in FY 2016-17.
For May, personal income tax (PIT) receipts of $4.82 billion were $497.4 million, or 11.5 percent, higher than estimated in the governor’s May budget proposal.
For the fiscal year, PIT receipts are $3.28 billion, or 4.2 percent, higher than projected in the 2017-18 Budget Act.
May corporation taxes of $570.6 million were $79.2 million, or 12.2 percent, less than forecasted in the governor’s proposed budget unveiled last month.
For the fiscal year to date, total corporation tax receipts are 15.9 percent above assumptions in the enacted budget.
Sales tax receipts of $2.43 billion for May were $1.11 billion, or 31.4 percent, lower than anticipated in the governor’s FY 2018-19 amended budget proposal.
For the fiscal year, sales tax receipts are 1.7 percent lower than expectations in the 2017-18 Budget Act.
Unused borrowable resources through May exceeded amended budget projections by 13.4 percent.
Outstanding loans of $5.83 billion were $1.17 billion less than the governor’s May Revision expected the state would need by the end of May. The loans were financed entirely by borrowing from internal state funds.
- Details
- Written by: California State Controller’s Office
SACRAMENTO – Insurance Commissioner Dave Jones announced he has approved the first Cannabis Business Owners Policy (CannaBOP) in the state of California.
The American Association of Insurance Services (AAIS) designed the new CannaBOP program for cannabis dispensaries, storage facilities, processors, manufacturers, distributors, and other cannabis-related businesses operating in the state.
"Cannabis businesses need insurance coverage to help them recover when something goes wrong just as any other legalized business does," said Commissioner Jones. "This first-of-its-kind Cannabis Business Owners Policy or CannaBOP program will make it easier for more insurers to enter the market and fill coverage gaps for cannabis businesses. I encourage insurers to take advantage of this new standardized CannaBOP program to file more cannabis insurance products with the department to meet the needs of this emerging market."
AAIS developed a California specific business owners policy (BOP) program for the cannabis industry, complete with forms, rules, and rating information.
The CannaBOP program provides a package policy containing both property and liability coverage for qualifying California cannabis dispensaries, storage facilities, distributors, processors, manufacturers, and other businesses participating in or supporting the California cannabis industry.
Commissioner Jones launched an initiative last year to encourage commercial insurance companies to write insurance to fill coverage gaps for the cannabis industry.
As a result of Jones' initiative, the first filing and approval of commercial insurance for the cannabis industry from an admitted carrier was announced in November of last year, the first surety bond program for the industry was announced in February and the first coverage for commercial landlords for the industry and a product liability and product recall program for the industry were announced last month. There are also approximately 20 surplus lines writers offering cannabis insurance.
Commissioner Jones hosted a national webinar titled Weeding through the Unique Insurance Needs of the Cannabis Industry with the National Association of Insurance Commissioners Center for Insurance Policy and Research.
In April, Jones renewed his call for insurers to offer insurance products for California's legalized cannabis industry in the wake of published reports that President Trump has abandoned Attorney General Jeff Sessions' policy on federal law enforcement of cannabis. Jones sent a formal letter to California insurers encouraging them to fill insurance gaps for California's cannabis businesses.
The American Association of Insurance Services (AAIS) designed the new CannaBOP program for cannabis dispensaries, storage facilities, processors, manufacturers, distributors, and other cannabis-related businesses operating in the state.
"Cannabis businesses need insurance coverage to help them recover when something goes wrong just as any other legalized business does," said Commissioner Jones. "This first-of-its-kind Cannabis Business Owners Policy or CannaBOP program will make it easier for more insurers to enter the market and fill coverage gaps for cannabis businesses. I encourage insurers to take advantage of this new standardized CannaBOP program to file more cannabis insurance products with the department to meet the needs of this emerging market."
AAIS developed a California specific business owners policy (BOP) program for the cannabis industry, complete with forms, rules, and rating information.
The CannaBOP program provides a package policy containing both property and liability coverage for qualifying California cannabis dispensaries, storage facilities, distributors, processors, manufacturers, and other businesses participating in or supporting the California cannabis industry.
Commissioner Jones launched an initiative last year to encourage commercial insurance companies to write insurance to fill coverage gaps for the cannabis industry.
As a result of Jones' initiative, the first filing and approval of commercial insurance for the cannabis industry from an admitted carrier was announced in November of last year, the first surety bond program for the industry was announced in February and the first coverage for commercial landlords for the industry and a product liability and product recall program for the industry were announced last month. There are also approximately 20 surplus lines writers offering cannabis insurance.
Commissioner Jones hosted a national webinar titled Weeding through the Unique Insurance Needs of the Cannabis Industry with the National Association of Insurance Commissioners Center for Insurance Policy and Research.
In April, Jones renewed his call for insurers to offer insurance products for California's legalized cannabis industry in the wake of published reports that President Trump has abandoned Attorney General Jeff Sessions' policy on federal law enforcement of cannabis. Jones sent a formal letter to California insurers encouraging them to fill insurance gaps for California's cannabis businesses.
- Details
- Written by: California Department of Insurance
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