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SACRAMENTO – California’s fiscal picture held steady in the first month of the 2015-16 fiscal year, with July revenues falling short of what was expected by only $12.3 million, or 0.2 percent, according to State Controller Betty T. Yee’s monthly report of California’s cash balance, receipts and disbursements published this week.
Personal income tax, which surged throughout the previous fiscal year, continued to beat expectations.
The state collected $4.5 billion in July, 2.8 percent more than expected in the budget for the fiscal year that started July 1.
However, this windfall was offset by shortfalls in the state’s other two main sources of revenue – sales and use tax and corporation tax.
Sales and use tax totaling $858.7 million fell short of projections by $113.8 million, or 11.7 percent. Corporation tax revenues came in $1 million, or 0.3 percent, lower than expected.
Still, revenues continued to outpace the 2014-15 fiscal year.
The July revenue total of $5.7 billion was 6 percent higher than a year ago, led by a 9.6 percent boost in personal income tax.
This year-over-year increase was more than enough to offset a 6.6 percent drop in the sales and use tax and a 9.1 percent decrease in corporation tax, compared to the figures from a year ago.
The state ended the month of July with unused borrowable resources of $26.1 billion, which is 11.1 percent more than anticipated when the budget was signed.
The general fund, the source of most state spending, may borrow from other funds to even out variability in revenue and disbursement patterns.
For many years, the controller has pursued external borrowing when cash available from these special funds is projected to fall short of general fund obligations.
The controller may ask the treasurer to sell short-term revenue anticipation notes (RANs) that are repaid by the end of the fiscal year.
However, this year, because of the state’s improved fiscal position, the controller anticipates that internal borrowing will be sufficient to meet cash flow without having to issue RANs.
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NORTH COAST, Calif. – As chief executive officer of Mendo Lake Credit Union (MLCU), Richard Cooper not only encourages community involvement by the members of his staff at each of the four MLCU branches; he leads by example.
His willingness to “be involved” earned him this year’s Volunteer of the Year award from the Ukiah Chamber of Commerce.
Cooper says it is an award indicative of MLCU’s philosophy of giving to the community through volunteerism.
Cooper’s selection for the award caps a series of honors bestowed on the credit union and its staff as a result of extensive volunteer services to the communities in both Lake and Mendocino counties.
In his acceptance speech, Cooper said, “I am so very proud and thankful to have the opportunity to lead the team at Mendo Lake Credit Union. At MLCU we hold the spirit of volunteerism as a cornerstone of a healthy community. Our entire team contributes to that spirit by donating hundreds of hours annually to a long list of organizations. MLCU is a financial cooperative – and our board of directors and supervisory committee are all volunteers. These amazing men and women led by our current Board Chair Rob Scott all volunteer for a wide variety of organizations in addition to MLCU. I think each one of our collective team deserve this award as much as I.”
Cooper acknowledged the leaders of organizations he has worked with and noted that he considers his efforts with them to be “an incredible privilege” to assisting in providing needed services, solving community problems, preserving natural resources and making the area a great place to live, work and visit.
Actively serving as a volunteer for several groups and purposes since he was in his 20s, Cooper currently serves as board president for the Mendocino College Foundation and has been a board member since 2008; is a board member as well as finance and development committee chair for the Mendocino Coast Botanical Gardens in Fort Bragg; is board president for the Ukiah Senior Center Endowment; a loan committee member for Economic Development and Finance Corp (EDFC); and an audit committee member for the California Credit Union League.
He also is active in fundraising for Plowshares Peace and Justice Center in Ukiah. Cooper just concluded his term on the Mendocino College Bond Oversight Committee as well as several years as an EDFC board member.
Cooper said he chooses organizations that are “truly making a difference and have strong mission-based goals and objectives” to give his time and energy. “I am passionate about helping those whose needs aren’t being met.”
He is a self-proclaimed advocate for education and programs that help develop the economic well-being of the community.
Because of the credit union’s community involvement, MLCU received the 2014 Stars of Lake County award in the category of Large Business of the Year. Noted in the nomination letter from the Lake County Office of Education were the more than 20 Lake County organizations that MLCU supports and provides volunteer assistance.
“For their generous support and unwavering commitment to both educational and community-based programs, events, and activities, Lake County Office of Education is proud to nominate Mendo Lake Credit Union” for the Stars of Lake County honor, the nomination letter stated.
In 2012, the state office of CaliforniaVolunteers bestowed the honor of California’s Small Business Volunteer Program of the Year to MLCU.
The award was given to “honor an outstanding California small business with an innovative, high-impact employee volunteer program.”
As stated in MLCU’s vision statement, the credit union strives “to provide needed financial services and education” to its members and the communities it serves.
MLCU states its vision aims “to empower both individual and community economic prosperity to assist in making Lake and Mendocino counties great places to live and work.”
Mendo Lake Credit Union is a member-owned financial cooperative and has been serving members’ financial needs since 1959. MLCU branches are located in Lakeport, Clearlake, Fort Bragg and Ukiah.
For more information, contact Jamey Gill, director of Marketing and Community Outreach, at
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- Written by: Susan Stout
LAKEPORT, Calif. – The Lakeport Main Street Association announced that its newest board member is local businessman Al Menchaca.
Menchaca is owner of Old World Tavern, located at 175 N. Main St.
Menchaca was nominated on July 21 by Board President Barbara Breunig, and all attending members and board members of the Lakeport Main Street Association monthly meeting unanimously approved his appointment to the board.
The association reported that it still has two board member positions open.
If you as a member of the Lakeport Main Street Association would like to serve on the board or know of someone who would contact Breunig at 707-263-9000, Extension 101.
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KELSEYVILLE, Calif. – Myron and Marilyn Holdenried have introduced Stephen Dilley as the newest member of the Wildhurst Vineyards winery team.
Dilley will serve as the winemaker, overseeing production of the new vintages for 2015.
“We are looking forward to working with Stephen in the upcoming 2015 vintage. He is dedicated to making premium wines and has the experience to carry us forward,” said Wildhurst President Myron Holdenried.
Dilley brings with him knowledge, expertise and enthusiasm for the wine business.
He was born in New Jersey and grew up in Pennsylvania. He continued to move westward when he attended and graduated from the University of New Mexico in Albuquerque.
After a brief career with Verizon in Pennsylvania, Dilley decided to fulfill a long dream of studying enology.
In 2008, he received his Certificate of Special Study in enology with a second bachelor of science equivalent from California State University, Fresno.
Dilley’s first winemaking position was with Tulip Hill Winery in Nice.
He has spent the last three years as assistant winemaker at premium Napa and Sonoma wineries.
Dilley also has developed his own wine under the label of Lavender Blue, and has shown and sold his wines through the Lake County Wine Studio.
Visit Wildhurst online at https://www.wildhurst.com/ .
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- Written by: Editor