And While We Await the Governor

The state controller has issued a cash report that more revenue to the tune of about $2.5 billion arrived in the first six months of 2013-14 than was projected in the budget last June.  Blog readers will recall that the governor insisted on conservative projections of revenue.Note that the really big revenues will arrive around … Continue reading And While We Await the Governor

Cash News (Or Really Non-News)

The state controller has issued his cash statement for the first 5 months of the fiscal year (July-November).  Revenues for the general fund are about what was projected in the state budget passed last June.  Personal income tax receipts are running ahead of forecast (which probably means the rich are getting richer).  Sales tax receipts … Continue reading Cash News (Or Really Non-News)

State Came Up Short This Month

The state controller's statement for July, the first month of the 2013-14 fiscal year, reports that revenues were roughly $300 million below estimates in the state budget.  Most of that gap was due to personal income tax net receipts.  As blog readers will know, there is a lot of volatility and uncertainty involved in income … Continue reading State Came Up Short This Month

It’s always good to hit the target but…

We'll let William Tell us about hitting targets.As we have noted in prior postings, the state received what seemed to be a windfall of $4+ billion in income tax revenue early in 2013 which seemed possibly related to taxpayer concerns about fiscal cliffs, etc.  But the receipts did not reverse later and a key indicator … Continue reading It’s always good to hit the target but…

Windfall $4+ billion in state receipts remains in state treasury through March

We have noted that over $4 billion beyond the governor's budget estimates for the current fiscal year began showing up in the state treasury at around the time of the congressional fiscal cliff, etc., decision.  It appeared to come from upped withholding of state income taxes, perhaps from individuals taking capital gains at the end … Continue reading Windfall $4+ billion in state receipts remains in state treasury through March

Windfall Revenue Remains

In January, the state controller reported a surprise windfall of about $4 billion arrived in personal income tax revenue.  It was unclear why but possibly it had to do with speculation by wealthy taxpayers about the fiscal cliff or prospective income tax changes at the federal level.  No one knows.  An interesting question was whether … Continue reading Windfall Revenue Remains

It could be a timing-is-everything-situation

The state controller released his January cash statement for the state.  For the first seven months of the fiscal year, revenues are running over $4 billion ahead of what was anticipated in the original budget.  More than all of this amount is coming from the personal income tax.  I say more than all because sales … Continue reading It could be a timing-is-everything-situation