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SACRAMENTO – As the governor’s Department of Finance released its proposed 2018-19 budget, State Controller Betty T. Yee reported on Wednesday that California’s total revenues of $16.25 billion for December were $2.79 billion above June’s budget expectations.
“I can sum up the governor’s budget in one word: smart. The federal tax measure did not just stick it to California’s individual taxpayers – it also likely will have a devastating impact on our state budget, which may mean less money for essential social services such as Medi-Cal, Medicare and the children’s health insurance program,” said Controller Yee, the state’s chief fiscal officer. “We are not going to know for months just how deep the wounds will be from the president’s massive giveaway, so until we do, Gov. Brown is once again wise in exercising caution with responsible short-term spending, boosting rainy day fund reserves, and paying down debt.”
Personal income taxes, PIT, and corporation taxes, two of the “big three” sources of General Fund dollars, exceeded projections for the month.
All three, including retail sales and use taxes, are ahead of fiscal year-to-date estimates.
For the first half of the 2017-18 fiscal year, total revenues of $57.21 billion are higher than budget projections by 7.1 percent and 10.6 percent higher than the same period in 2016-17.
For December, PIT receipts, the state’s largest revenue source, were $11.50 billion, or 25.0 percent above projections.
While a portion of the variance may be due to taxpayer behavior, it is likely to be offset by reductions in future months’ receipts.
For the fiscal year, PIT receipts of $39.10 billion are higher than budget estimates by $2.28 billion or 6.2 percent.
Corporation taxes for December of $2.47 billion were $699.0 million or 39.6 percent higher than expected.
For the fiscal year to date, total corporation tax receipts of $4.26 billion are $932.2 million, 28.0 percent, above assumptions in the 2017-18 Budget Act.
Sales tax receipts of $1.86 billion for December were $272.4 million lower than anticipated in the budget. However, for the fiscal year, sales tax receipts of $12.03 billion are $461.0 million or 4.0 percent above budget estimates.
Unused borrowable resources through December exceeded projections by $6.88 billion, or 33.9 percent. Outstanding loans of $16.11 billion at the end of December were $2.45 billion less than 2017‑18 Budget Act estimates. This loan balance consists of borrowing from the state’s internal funds.
“I can sum up the governor’s budget in one word: smart. The federal tax measure did not just stick it to California’s individual taxpayers – it also likely will have a devastating impact on our state budget, which may mean less money for essential social services such as Medi-Cal, Medicare and the children’s health insurance program,” said Controller Yee, the state’s chief fiscal officer. “We are not going to know for months just how deep the wounds will be from the president’s massive giveaway, so until we do, Gov. Brown is once again wise in exercising caution with responsible short-term spending, boosting rainy day fund reserves, and paying down debt.”
Personal income taxes, PIT, and corporation taxes, two of the “big three” sources of General Fund dollars, exceeded projections for the month.
All three, including retail sales and use taxes, are ahead of fiscal year-to-date estimates.
For the first half of the 2017-18 fiscal year, total revenues of $57.21 billion are higher than budget projections by 7.1 percent and 10.6 percent higher than the same period in 2016-17.
For December, PIT receipts, the state’s largest revenue source, were $11.50 billion, or 25.0 percent above projections.
While a portion of the variance may be due to taxpayer behavior, it is likely to be offset by reductions in future months’ receipts.
For the fiscal year, PIT receipts of $39.10 billion are higher than budget estimates by $2.28 billion or 6.2 percent.
Corporation taxes for December of $2.47 billion were $699.0 million or 39.6 percent higher than expected.
For the fiscal year to date, total corporation tax receipts of $4.26 billion are $932.2 million, 28.0 percent, above assumptions in the 2017-18 Budget Act.
Sales tax receipts of $1.86 billion for December were $272.4 million lower than anticipated in the budget. However, for the fiscal year, sales tax receipts of $12.03 billion are $461.0 million or 4.0 percent above budget estimates.
Unused borrowable resources through December exceeded projections by $6.88 billion, or 33.9 percent. Outstanding loans of $16.11 billion at the end of December were $2.45 billion less than 2017‑18 Budget Act estimates. This loan balance consists of borrowing from the state’s internal funds.
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UKIAH, Calif. – The Economic Development and Financing Corp. will start the new year with a new executive director.
Heather Gurewitz will lead the organization as it continues its mission to “connect money and ideas with entrepreneurs to create sustainable prosperity in Lake and Mendocino counties.”
“I’m really excited about the opportunity to help grow our economy and support local businesses. There’s a lot of great work happening in this county and I look forward to working together to build a strong economic future,” said Gurewitz.
Gurewitz comes to EDFC with a background in community-based economic development.
Currently the Mendocino County Field Representative for Congressman Jared Huffman, Gurewitz came to Mendocino County in 2009 to work for West Company where she served as the Women’s Business Center director.
She has also served as a Peace Corps volunteer in Honduras and as an AmeriCorps volunteer with the Northeast Oregon Economic Development District.
While Gurewitz comes with a range of experience and credentials, it is her passion for economic development that brings her to EDFC.
“I didn’t know what I wanted to do until I was in the Peace Corps in 2004,” she said. “As a municipal development volunteer, I worked with a community to develop a strategic plan. At the end of the process it was clear that without economic growth nothing else was likely to change. That experience inspired me to earn a master’s degree in community and regional planning with a focus on economic development. Since then I have been really fortunate to learn about and participate in the implementation of economic development strategies in several communities.”
Gurewitz will begin her new position at the end of January.
To find out more about the Economic Development & Financing Corporation visit www.edfc.org or call 707-234-5705.
Heather Gurewitz will lead the organization as it continues its mission to “connect money and ideas with entrepreneurs to create sustainable prosperity in Lake and Mendocino counties.”
“I’m really excited about the opportunity to help grow our economy and support local businesses. There’s a lot of great work happening in this county and I look forward to working together to build a strong economic future,” said Gurewitz.
Gurewitz comes to EDFC with a background in community-based economic development.
Currently the Mendocino County Field Representative for Congressman Jared Huffman, Gurewitz came to Mendocino County in 2009 to work for West Company where she served as the Women’s Business Center director.
She has also served as a Peace Corps volunteer in Honduras and as an AmeriCorps volunteer with the Northeast Oregon Economic Development District.
While Gurewitz comes with a range of experience and credentials, it is her passion for economic development that brings her to EDFC.
“I didn’t know what I wanted to do until I was in the Peace Corps in 2004,” she said. “As a municipal development volunteer, I worked with a community to develop a strategic plan. At the end of the process it was clear that without economic growth nothing else was likely to change. That experience inspired me to earn a master’s degree in community and regional planning with a focus on economic development. Since then I have been really fortunate to learn about and participate in the implementation of economic development strategies in several communities.”
Gurewitz will begin her new position at the end of January.
To find out more about the Economic Development & Financing Corporation visit www.edfc.org or call 707-234-5705.
- Details
- Written by: Editor
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