More from Sacramento...
If the Britney story wasn't enough for you today, here's a nightcap from today's Sacramento Bee:
State's revenues running $1 billion below forecast
When Gov. Arnold Schwarzenegger and legislators fashioned the latest version of the state budget in July, they inserted a $3 billion fudge factor on revenues, cutting income expectations by that amount on the assumption that the economy was continuing to decline.
The latest monthly bulletin from the state Department of Finance, however, says that through the first five months of the 2009-10 fiscal year, revenues are running more than a billion dollars under even that lowered expectation.
Personal income, corporate income, sales and vehicle taxes all fellow below forecasts in November, the department said, but the bulletin found "encouraging" news on the employment front, with the first month-to-month increase in jobholders in 17 months. Even so, the unemployment rate increased due to growth in the labor force.
The revenue drop forms one component in the current forecast by the Legislature's budget analyst that the state faces a $6-plus billion deficit in the current budget and a $14-plus billion gap in the 2010-11 budget.
The Department of Finance report is available here.
State's revenues running $1 billion below forecast
When Gov. Arnold Schwarzenegger and legislators fashioned the latest version of the state budget in July, they inserted a $3 billion fudge factor on revenues, cutting income expectations by that amount on the assumption that the economy was continuing to decline.
The latest monthly bulletin from the state Department of Finance, however, says that through the first five months of the 2009-10 fiscal year, revenues are running more than a billion dollars under even that lowered expectation.
Personal income, corporate income, sales and vehicle taxes all fellow below forecasts in November, the department said, but the bulletin found "encouraging" news on the employment front, with the first month-to-month increase in jobholders in 17 months. Even so, the unemployment rate increased due to growth in the labor force.
The revenue drop forms one component in the current forecast by the Legislature's budget analyst that the state faces a $6-plus billion deficit in the current budget and a $14-plus billion gap in the 2010-11 budget.
The Department of Finance report is available here.
posted by City Manager @ 11:06 PM
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