Strong June Helps Calif. Finish Rough 2011-12 Fiscal Year
Tuesday, July 10, 2012
California ended its fiscal year with revenues falling short of expenses by just under one-and-a-half billion dollars. But Controller John Chiang says a strong final month helped the state close its books on June 30th in slightly better financial shape than before.
"Our income tax revenues were stronger than projected. We came in close to 8 percent higher. Our sales taxes came in about where they were projected to be," said Chiang.
That was partially undercut by June corporate tax revenues, which came in well short of expectations.
The original budget Governor Jerry Brown and Democratic lawmakers passed last year relied on an extra four billion dollars in revenue. Today’s numbers show that money officially never showed up – the state’s year-end difference between revenues and expenses was slightly more than that amount.