The State Controller's Office sent me two press releases with in minutes of one another so here they are...
Controller Releases March Cash Update
SACRAMENTO – State Controller John Chiang today released his monthly report covering California’s cash balance, receipts and disbursements in March. Total receipts for the month were $370 million lower (-5.8 percent) than estimates found in the Governor’s proposed 2011-12 State Budget.
“The State’s cash position actually worsened by $370 million in March, despite very strong income tax collections,” said Chiang. “California’s economic recovery is clearly underway but is threatened by a budget gridlock that could halt job-producing public works projects, further erode the State’s credit ratings, and delay billions of dollars in payments.”
Sales taxes were up $9.7 million (0.5 percent) in March, and personal income taxes came in $1.2 billion above (144.7 percent) estimates. The drop in revenues was caused by corporate taxes, which were down $387.6 million (-19.7 percent), and the cancelled sale and lease-back of State properties that was slated to generate $1.2 billion in March.
“The State’s cash position actually worsened by $370 million in March, despite very strong income tax collections,” said Chiang. “California’s economic recovery is clearly underway but is threatened by a budget gridlock that could halt job-producing public works projects, further erode the State’s credit ratings, and delay billions of dollars in payments.”
Sales taxes were up $9.7 million (0.5 percent) in March, and personal income taxes came in $1.2 billion above (144.7 percent) estimates. The drop in revenues was caused by corporate taxes, which were down $387.6 million (-19.7 percent), and the cancelled sale and lease-back of State properties that was slated to generate $1.2 billion in March.
The State faced a $19 billion cash deficit on March 31. That deficit was covered by $9 billion of internal borrowing – short term loans from special funds – and $10 billion of external borrowing.
March 2011’s financial statement and the summary analysis can found on the Controller’s Web site at www.sco.ca.gov. The site also includes an April Tax Tracker, which lists the daily amount of personal income tax collected. The Governor’s proposed 2011-12 State Budget expects more than $6.8 billion of income tax collections in the month of April alone.
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March 2011’s financial statement and the summary analysis can found on the Controller’s Web site at www.sco.ca.gov. The site also includes an April Tax Tracker, which lists the daily amount of personal income tax collected. The Governor’s proposed 2011-12 State Budget expects more than $6.8 billion of income tax collections in the month of April alone.
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Controller Co-Hosts Annual Financial Literacy Fair
SACRAMENTO – Controller John Chiang and Assembly Member Mike Eng today co-hosted a Financial Literacy Fair at the State Capitol, bringing together credit counselors, banks, financial services, and education, consumer protection and community-based organizations to tackle the challenge of enhancing financial skills for California families.
“All Californians deserve direct access to basic financial information that helps them make wise investments with their money, establish college funds for their children and save for their own retirement,” Chiang said. “Whether it is educating a college freshman about credit card debt, or a low-income worker about the dangers of predatory loans, empowering California families with good financial information will strengthen our communities and our State.”
The Controller is co-sponsoring with the New America Foundation legislation authored by Assembly Member Eng that will encourage the State to partner with businesses and non-profit organizations and share in developing information that can help California consumers make sound fiscal choices. The bill, AB 597 also will create an advisory committee focused on improving financial literacy throughout California.
“A well-informed and financially literate consumer can save thousands of dollars, avoid abnormal fees and charges and build up savings for retirement,” said Assembly Member Mike Eng (D-Monterey Park). “AB 597 makes financial literacy a priority in California by establishing a fund for the sole purpose of empowering our citizens to make informed choices and make them less susceptible to scams and predators.”
Almost 20 exhibitors participated by providing information about wise investments, financial planning, consumer protection, credit counseling and ways to better manage money, save on taxes and enhance money skills.
Joining the Controller and Eng at the press conference and fair were Maria Sotero of the New America Foundation, and Assembly Member Alyson Huber (D-El Dorado Hills).
“All Californians deserve direct access to basic financial information that helps them make wise investments with their money, establish college funds for their children and save for their own retirement,” Chiang said. “Whether it is educating a college freshman about credit card debt, or a low-income worker about the dangers of predatory loans, empowering California families with good financial information will strengthen our communities and our State.”
The Controller is co-sponsoring with the New America Foundation legislation authored by Assembly Member Eng that will encourage the State to partner with businesses and non-profit organizations and share in developing information that can help California consumers make sound fiscal choices. The bill, AB 597 also will create an advisory committee focused on improving financial literacy throughout California.
“A well-informed and financially literate consumer can save thousands of dollars, avoid abnormal fees and charges and build up savings for retirement,” said Assembly Member Mike Eng (D-Monterey Park). “AB 597 makes financial literacy a priority in California by establishing a fund for the sole purpose of empowering our citizens to make informed choices and make them less susceptible to scams and predators.”
Almost 20 exhibitors participated by providing information about wise investments, financial planning, consumer protection, credit counseling and ways to better manage money, save on taxes and enhance money skills.
Joining the Controller and Eng at the press conference and fair were Maria Sotero of the New America Foundation, and Assembly Member Alyson Huber (D-El Dorado Hills).
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