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SACRAMENTO – Driven by another strong month of personal income tax proceeds, state revenues in October beat estimates by $191.9 million, or 3.1 percent, State Controller Betty T. Yee reported.
Personal income tax revenues of $5.1 billion for the month exceeded projections in the state budget signed in July by $234.5 million, or 4.8 percent.
That was more than enough to offset lower-than-expected collections from the state’s two other largest revenue sources, the retail sales and use tax and the corporation tax.
Sales tax revenue of $935 million fell short of projections by $2 million, or 0.2 percent. The corporation tax missed estimates by $89.8 million, or 33.5 percent.
For the fiscal year that started July 1, state revenues are $542.9 million, or 1.9 percent, greater than estimated, with strong collections from the personal income tax erasing shortfalls in the retail sales and use tax and the corporation tax.
Revenues from the personal income tax are running $840.7 million, or 4.3 percent, above expectations for the fiscal year so far.
Retail sales and use taxes have fallen short by $381.1 million, or 5.5 percent, while the corporation tax to date has brought in $190.4 million, or 11.5 percent less than expected.
Total revenue in October of $6.4 billion was 5.7 percent higher than a year ago, with both the personal income tax and the retail sales and use tax outstripping last year’s collections.
Compared to the first four months of the prior fiscal year, revenues to date of $29.8 billion are 7.1 percent higher.
This month’s edition of the Controller’s California Fiscal Focus examines whether growing income inequality will lead to geographic disparities and new challenges for policymakers. For more details on that and other fiscal trends, see the November newsletter.
The state ended October with unused borrowable resources of $20.4 billion – $2.2 billion, or 12.4 percent, greater than projections. This is money available to the general fund, the source of most state spending, from other funds to even out variability in revenue and disbursement patterns.
For the first time in 15 years, these special fund monies appear to be sufficient to meet the cash flow needs of the general fund without the state having to seek external loans, such as revenue anticipation notes.
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LAKE COUNTY, Calif. – MPIC Inc., “A Working Connection,” Employment Development Department, Lake County Office of Education and the partners of WorkforceLake and America’s Job Centers of California will be hosting a series of job fairs over the next six to eight months to meet the hiring needs of businesses assisting with the Valley fire recovery effort and to meet general hiring needs throughout Lake County.
Job fairs will be held on the second Thursday of each month from 10 a.m. to 2 p.m. beginning Nov. 12.
Employers interested in participating are encouraged to register in advance to guarantee a table.
Please complete the registration form online at www.surveymonkey.com/r/kvcjobfairnov or call 707-263-0630 for assistance.
Job seekers should be dressed for success and be prepared to submit applications with a current resume and other supporting documentation.
To assist you in getting prepared to make a great first impression with prospective employers, the WorkforceLake Job Centers in Lakeport and Clearlake will be holding weekly Job Prep workshops.
For more information and to register for one of these free workshops please call 707-263-0630 or visit a WorkforceLake Job Center in Lakeport at 55 First St. or Clearlake at 15880 Dam Road Extension, Building 602 on the Yuba College Clearlake Campus.
The first four job fairs will be held as follows:
– Thursday, Nov. 12, at Konocti Vista Casino, 2755 Mission Rancheria Road, Lakeport.
– Thursday, Dec. 10, Marymount California University, 3700 Country Club Drive, Lucerne.
– Thursday, Jan. 14, at Mendocino College Lake Center, 2565 Parallel Drive, Lakeport.
– Thursday, Feb. 11, at American Legion, 14770 Austin Road, Clearlake.
Additional locations will be announced soon.
For more information contact the WorkforceLake Job Center at 707-263-0630.
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NORTH COAST, Calif. – On Friday, the director of the California Department of Fish and Wildlife announced an emergency action to delay the opener of the commercial Dungeness crab season due to unsafe levels of domoic acid.
This action followed Thursday's vote to delay the opener of the recreational Dungeness crab season as well.
“The North Coast is crab country and while we are all eager to enjoy Dungeness crab over the holidays, we have to be focused on the public’s health, first,” said state Sen. Mike McGuire, chair of the Joint Committee on Fisheries and Aquaculture who also represents the North Coast. “We’re working to ensure a safe opening to the season and will be monitoring ocean conditions with the resource agencies and the Department of Public Health.”
The closure will remain in effect until the director of the Office of Environmental Health Hazard Assessment, in consultation with the director of the California Department of Public Health, determines that domoic acid levels no longer pose a significant risk to public health and no longer recommends the fisheries be closed.
The commercial Dungeness crab season was scheduled to open Nov. 15, and the recreational season was originally set to open this Saturday.
There is not currently a date set for re-opening of the season – it is up to Mother Nature to provide the conditions that will allow the crabs to purge the unhealthy levels of domoic acid.
“Our No. 1 priority is public safety,” said McGuire. “We’re working with state officials to advance the opening of the season, but continued tests must take place to ensure the safety of consumers.”
The Dungeness crab fishery is in the top tier of California’s commercial fisheries. Values have exceeded $95 million per year and long-term averages of nearly $60 million.
For more information on the health advisories and the commission’s decision to delay the recreational Dungeness crab season, visit www.wildlife.ca.gov/Fishing .
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California Attorney General Kamala D. Harris has announced a stipulated judgment resolving allegations that JPMorgan Chase (Chase) committed credit card debt-collection abuses against tens of thousands of Californians.
The settlement specifically addresses debt collection wrongdoing that includes collecting incorrect amounts, selling bad credit card debt, and running a debt collection mill that involved illegally “robo-signing” thousands of court documents and improperly obtaining default judgments against military servicemembers.
As part of the settlement, Chase will pay $50 million in restitution to consumers nationwide, including an estimated $10 million to California consumers, and significant restitution to servicemembers in California, some of whom were on active duty when Chase obtained illegal default judgments against them.
Chase will also pay $50 million in penalties and other payments to California, through the Office of the Attorney General.
The judgment includes injunctive terms that fundamentally change Chase’s credit card debt-collection practices to prevent similar misconduct in the future, and is subject to court approval.
“Abusive and illegal debt collection practices will not be tolerated in California,” Attorney General Harris said. “This settlement provides real relief to tens of thousands of Californians, including servicemembers, and prevents JPMorgan Chase from continuing these deceptive and illegal debt collection practices.”
Between 2009 and 2013, Chase filed more than 125,000 credit card collection lawsuits against California consumers relying on illegally robo-signed sworn documents and provided an additional 30,000 robo-signed sworn statements in support of lawsuits filed against California consumers by third-party debt-collectors.
Chase also made systematic calculation errors regarding the amounts owed, and sold “zombie debts” to third-party debt-collectors that included accounts that were inaccurate, settled, discharged in bankruptcy, not owed, or otherwise not collectable.
The attorney general’s investigation and litigation further revealed that Chase sent letters to consumers that contained illegal threats and were signed by attorneys who did not review the accuracy of the information, determine if litigation was appropriate, or intend to follow through on some of the threats made, in violation of California’s Rosenthal Fair Debt Collection Practices Act.
Chase also filed false declarations regarding military service and improperly obtained default judgments against servicemembers on active duty, in violation of the Servicemembers Civil Relief Act and the California Military and Veterans Code.
The judgment requires Chase to document and confirm debts before filing credit card collections lawsuits or selling credit card debts to debt-collectors.
Chase is barred from robo-signing court and other documents, and also must prohibit debt buyers from reselling the credit card debts owed to Chase.
Chase is also barred from selling certain debts, and is required to permanently stop all attempts to collect, enforce in court, or sell more than 528,000 consumer accounts valued at hundreds of millions of dollars.
This stipulated judgment resolves litigation filed by the Attorney General against Chase on May 9, 2013.
Chase separately agreed to pay additional penalties and other payments to the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau and other states in related actions.
Copies of the complaint and stipulated judgment are attached to the online version of this release at www.oag.ca.gov/news .