Business News
State Controller Betty T. Yee reported that California’s total revenues of $6.74 billion for October were just $38.7 million shy of expectations, even with two of the state’s biggest revenue sources missing the mark.
A strong month for retail sales made up for most of the shortfall.
For the first four months of the 2017-18 fiscal year, total revenues of $32.65 billion are outpacing budget projections by $544.8 million, or 1.7 percent, with all of the “big three” – personal income, retail sales and use, and corporation taxes – in the black.
Sales tax receipts of $936.1 million for October were $45.0 million higher than anticipated in the budget. For the fiscal year, sales tax receipts of $6.86 billion are $195.3 million above budget estimates.
Personal income tax, or PIT, receipts for October totaled $5.38 billion, falling $49.8 million short of budget estimates.
For the fiscal year to date, total PIT receipts of $22.97 billion are $166.4 million above assumptions in the 2017-18 Budget Act.
Corporation tax receipts for October totaled $285.6 million, $78.1 million below projections – or 21.5 percent – after beating expectations for three consecutive months.
For the fiscal year, corporation tax receipts of $1.81 billion are outpacing budget projections by 8.6 percent.
Outstanding loans of $19.54 billion in October were $1.26 billion more than 2017-18 Budget Act estimates. This loan balance consists of borrowing from the state’s internal special funds. Unused borrowable resources in October exceeded projections by $1.78 billion, or 8.3 percent.
A strong month for retail sales made up for most of the shortfall.
For the first four months of the 2017-18 fiscal year, total revenues of $32.65 billion are outpacing budget projections by $544.8 million, or 1.7 percent, with all of the “big three” – personal income, retail sales and use, and corporation taxes – in the black.
Sales tax receipts of $936.1 million for October were $45.0 million higher than anticipated in the budget. For the fiscal year, sales tax receipts of $6.86 billion are $195.3 million above budget estimates.
Personal income tax, or PIT, receipts for October totaled $5.38 billion, falling $49.8 million short of budget estimates.
For the fiscal year to date, total PIT receipts of $22.97 billion are $166.4 million above assumptions in the 2017-18 Budget Act.
Corporation tax receipts for October totaled $285.6 million, $78.1 million below projections – or 21.5 percent – after beating expectations for three consecutive months.
For the fiscal year, corporation tax receipts of $1.81 billion are outpacing budget projections by 8.6 percent.
Outstanding loans of $19.54 billion in October were $1.26 billion more than 2017-18 Budget Act estimates. This loan balance consists of borrowing from the state’s internal special funds. Unused borrowable resources in October exceeded projections by $1.78 billion, or 8.3 percent.
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SACRAMENTO – The California Department of Food and Agriculture’s Office of Environmental Farming and Innovation, or OEFI, in coordination with the agency’s Environmental Farming Act Science Advisory Panel, is now accepting new proposals for soil carbon sequestration management practices for inclusion in its Healthy Soils Program, or HSP.
As part of program development, CDFA identified specific soil management practices eligible for initial funding through the HSP.
Some of these practices include no or reduced tillage, planting cover crops and compost application.
Earlier this summer, CDFA announced that it will begin accepting new proposals in order to provide additional opportunities to stakeholders.
“As we continue to develop the Healthy Soils Program, we want to consider new and innovative contributions from our stakeholders,” said CDFA Secretary Karen Ross. “Improving soil health in California must be a collaborative effort, and our continued efforts with stakeholder groups, sister agencies and federal partners is instrumental to the program’s success.”
The HSP stems from the California Healthy Soils Initiative, a collaboration between state agencies to support the development of healthy soils in California. By providing funds to incentivize management practices and on-farm demonstration projects, HSP helps build soil organic carbon and reduce atmospheric greenhouse gases (GHG’s).
Proposal requirements, process for consideration and other details on the submission process can be found at https://www.cdfa.ca.gov/oefi/efasap/docs/HSP_NewPractices_RFP.pdf.
Proposals are due by 5 p.m. PST on Dec. 18 and must be submitted toThis email address is being protected from spambots. You need JavaScript enabled to view it. .
As part of program development, CDFA identified specific soil management practices eligible for initial funding through the HSP.
Some of these practices include no or reduced tillage, planting cover crops and compost application.
Earlier this summer, CDFA announced that it will begin accepting new proposals in order to provide additional opportunities to stakeholders.
“As we continue to develop the Healthy Soils Program, we want to consider new and innovative contributions from our stakeholders,” said CDFA Secretary Karen Ross. “Improving soil health in California must be a collaborative effort, and our continued efforts with stakeholder groups, sister agencies and federal partners is instrumental to the program’s success.”
The HSP stems from the California Healthy Soils Initiative, a collaboration between state agencies to support the development of healthy soils in California. By providing funds to incentivize management practices and on-farm demonstration projects, HSP helps build soil organic carbon and reduce atmospheric greenhouse gases (GHG’s).
Proposal requirements, process for consideration and other details on the submission process can be found at https://www.cdfa.ca.gov/oefi/efasap/docs/HSP_NewPractices_RFP.pdf.
Proposals are due by 5 p.m. PST on Dec. 18 and must be submitted to
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- Written by: Editor
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