How to resolve AdBlock issue? 
Business News
SACRAMENTO – Less than a month after the governor revised his proposed 2015-16 state budget, May receipts for the state’s general fund exceeded the governor’s new projections by $69.1 million, according to State Controller Betty T. Yee’s monthly report of California’s cash balance, receipts and disbursements.
At the same time, May receipts were $317.9 million less than anticipated when the budget for the 2014-15 fiscal year was enacted a year ago.
All told, though, general fund receipts through May 31 outstripped projections in last year’s Budget Act by $5.8 billion, or 6.2 percent.
And receipts have exceeded last year’s actual receipts by $10.7 billion, or 12 percent, reflecting a stronger California economy.
May retail sales and use taxes surpassed estimates in the May budget revision by $29.8 million.
The state’s other two major taxes were both lower than anticipated – the personal income tax by $3.7 million and the corporation tax by $20.2 million.
Total general fund receipts were $7.6 billion, almost 1 percent higher than projected in the May revision.
Compared to the 2014-15 budget, May personal income tax came in $333.7 million short. About $85 million of this amount resulted from lower withholdings from workers’ paychecks, with another $19 million attributable to higher-than-expected income tax refunds.
Retail sales and use taxes fell short by $88.7 million and corporation taxes by $4.5 million. In total, the top three sources of revenue came in $426.9 million less than expected in the budget enacted a year ago.
But May receipts were an anomaly in an otherwise strong year, with total general fund receipts at $99.6 billion, compared to the $93.7 billion anticipated when the 2014-15 budget was approved.
The general fund, the source of most state spending, ended the month with outstanding loans of $6.1 billion, which is $7.8 billion less than anticipated in last year’s budget.
The state’s sources of internal funds that can be borrowed to cover short-term cash shortfalls ended the month at $32.2 billion, about $4.3 billion higher than projections.
This reflects the strength of special funds which, like the general fund, have done better than expected.
- Details
- Written by: Editor
LAKEPORT, Calif. – The Lake County Association of Realtors (LCAOR) has put together a variety of speakers and panel discussions as part of the Homeownership Expo this weekend.
The expo will be held at Fritch Hall in the Lake County Fairgrounds in conjunction with the Spring Fair on Friday, Saturday and Sunday, from 2 to 8 p.m.
There will be a $5 admission fee to the Spring Fair. Attendance is open to the general public. The admission fee includes access to the Spring Fair and the Homeownership Expo.
“Anyone who is planning to buy a home, or who currently owns a home, or who is getting ready to sell a home, will find great information at the Expo,” said Scott Knickmeyer, executive director of LCAOR.
Along with an action-packed schedule for the three-day event, Knickmeyer said they are having a presentation by Phil Smoley of Country Air Properties on selecting an investment property and a presentation by Jacie Casteel from Sterling Mortgage on getting a home loan.
“There will be panel discussions on buying land, preparing your home to sell, and inspections that are important when you are in escrow,” Knickmeyer said.
For more information and the detailed schedule of speakers, go to www.homeownershipexpo.com .
- Details
- Written by: Editor
NORTH COAST, Calif. – On Wednesday the California Senate approved North Coast Sen. Mike McGuire’s legislation to forever protect California’s coast from new offshore oil development.
“California’s coast is truly a worldwide wonder. Its natural beauty attracts 150 million visitors annually from all across the planet. It is a core part of this great state’s identity and our coastal economy is a main driver of our statewide economic engine. In the wake of last month’s devastating oil spill, we cannot afford to wait any longer to permanently ban new oil drilling off our coast,” McGuire said.
Senate Bill 788 would forever ban any new oil drilling in state waters off of the California Coast, and would not only protect our environment, it would help California’s coastal economy thrive.
Coastal communities contribute $40 billion annually to the state’s economy along with 500,000 jobs working families depend on.
SB 788 was jointly authored by Sen. Hannah Beth Jackson (D-Santa Barbara), who represents the area where the spill occurred.
“The Refugio Oil Spill has been a dramatic wake up call, reminding us just how destructive and dirty oil can be,” said Sen. Hannah-Beth Jackson. “Tranquillon Ridge is one of the most important bio-regions on the planet. It is a place of extraordinary and wondrous diversity. If there’s ever a place and time where were should commit to no new offshore drilling, it should be here, in this extraordinary place known as Tranquillon Ridge, and it should be now, when the consequences of oil – oil-covered birds and an oil-drenched coastline – are so fresh in our minds.”
The bill was brought forward on the Senate floor as part of a historic package of legislative proposals that will strengthen California’s global leadership in tackling climate change.
Comprised of 12 bills, the California Climate Leadership package includes new environmental and energy standards that will spur innovation and economic growth, and efforts to protect the state’s environment and make renewable energy and clean technology accessible to all Californians, while driving the goal of reducing our state’s petroleum use 50 percent by 2030.
More than 15,000 individuals have signed a petition endorsing SB 788, and the legislation is supported by a broad coalition of the state’s leading environmental organizations including the Sierra Club, Audubon of California, California League of Conservation Voters, the Center for Climate Protection, the Environmental Defense Fund, Natural Resources Defense Council, as well as fisherman’s organizations, tribal groups and clean water advocates.
The bill is co-authored by Senator Hannah-Beth Jackson, and Senators Mark Leno, Ben Allen, Loni Hancock, Bill Monning, Lois Wolk and Assemblymembers Bill Dodd, Marc Levine, Mark Stone, Jim Wood and Das Williams.
McGuire (D-Healdsburg) represents 40 percent of California’s coastline from the Golden Gate Bridge to the Oregon border.
- Details
- Written by: Editor
NORTHERN CALIFORNIA – United States Sen. Dianne Feinstein joined a broad coalition of public safety officials, housing advocates, senior organizations, business organizations and California cities and counties this week in support of State Sen. Mike McGuire’s online vacation rental legislation, SB 593.
McGuire’s bill, co-authored by state Sen. Mark Leno, has been approved by both the Senate Transportation and Housing Committee as well as the Senate Governance and Finance Committee.
This simple legislation continues to gain momentum in its effort to provide California communities the resources they need to thrive by reinforcing local laws already on the books.
“I am grateful for Sen. Feinstein’s hard work and support on this critical issue. The senator has seen first-hand the struggle San Francisco and other communities have had simply trying to enforce the laws that are already on the books in 431 cities and 56 California counties. This bill is simple – it doesn’t add new taxes or take away anyone’s privacy – all it does is make online vacation rental businesses follow local laws, just like the rest of us,” McGuire said.
In her letter of support for SB 593, Senator Feinstein wrote: “I support local governments’ ability to pass and enforce ordinances on short term rentals, particularly those negotiated through online reservation systems. The unrestricted rise of online hosting companies for short-term stays in private homes has made it more difficult to track and regulate these properties. Many cities and counties have expressed concern about protecting the residential nature of neighborhoods and collecting transient occupancy taxes.”
SB 593 – the Thriving Communities and Sharing Economy Act – will empower local control by providing the basic data required to gather desperately needed funding for parks, road improvements, fire and police services, and promote safe neighborhoods.
The bill requires online vacation rental businesses to provide municipalities the same information that 431 cities and 56 counties currently require via their local tourist tax laws: home business address, number of room nights stayed by the tourist and the room rate.
“We have seen, in many cities, management companies buying up hundreds of apartments or condos in what was a traditional neighborhood and renting them out as lodging units, leading to significant conflict due to congested streets, lack of parking and full time residents having to deal with a new hotel popping up in their neighborhood – not to mention the loss of affordable housing units for working families and seniors,” McGuire said.
After passing two committees in the Senate, SB 593 is headed to the Senate floor for a vote.
- Details
- Written by: Editor