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Taxifornia Lessons

globaleconomicanalysis.blogspot.ca / By Mike “Mish” Shedlock / Monday, December 10, 2012 10:04 AM

California revenue is up from a year ago. Unfortunately, California revenue is not up as much as expected, while spending is up way more than expected.

Please consider California Finances in November 2012 by state controller John Chiang.

November’s tax receipts fell 10.8% short of expectations contained in the 2012-2013 State Budget, although they were above the year-ago level. Total revenues year to date are now 2.6% less than anticipated at this time, with shortfalls among all of the major sources.
Expenditures are 4.9% above estimates contained in the Budget, with assistance to local governments driving the overage.
Total revenues were $806.8 million below projections in November, with corporate taxes accounting for a significant amount of this divergence. Compared with a year ago, total revenues year to date were up by 2.5%, with an impressive gain in income taxes offset-ting shortfalls in the other revenue sources.
The difference between actual and estimated numbers is larger on the spending side. For the first five months of the fiscal year spanning July through November, actual disbursements exceeded projections by $2.2 billion, or 4.9%. Education and health care accounted for the majority of the difference.

“In my original ideas about the film, the ministry didn’t know whether there were terrorists out there or not because over the years they had so many counter agents and counter-counter agents out there and agent provocateurs who maybe set explosions to lure people in. The people lost track of whether there really were terrorists or not, but the important thing is the belief in terrorists had to be maintained to allow the ministry to continue to survive. Originally the film was called The Ministry. It was really about the survival of an organism like a great bureaucracy that will do anything to keep itself going.." - Terry Gilliam on Brazil