Revenue numbers in the 2012-13 state budget so far are not as robust as legislators and the governor had hoped. According to Controller John Chiang's latest cash report, for the first three months of the fiscal year, general fund receipts are $362 million below projections, while spending is up $1.16 billion over projections.
The cash deficit as of September 30 is $22.3 billion, which is $4.7 billion larger than on the same day last year, when the deficit-ridden 2011-12 budget had a cash deficit of $17.6 billion.
The cash deficit is being covered by $12.3 billion of internal borrowing and $10 billion of external borrowing, according to the controller.
Of the big three revenue sources, personal income tax collections are running $347 million above estimates for the first quarter of 2012-13, while sales taxes are $19.5 million below estimates and the bank and corporation tax is $120 million below projections.
Total general fund receipts for July, August and September were $19.02 billion, compared to $20.59 billion in the first three months of the 2011-12 fiscal year.
October 19, 2012
© 2012 California Taxpayers Association. All Rights Reserved.