LAO: Calif. Budget Stabilizing, but Issues Loom on Horizon
A new state Legislative Analyst's report found that personal income tax collections -- which make up 60% of the state's general fund reserve -- is 5.9% higher than Gov. Jerry Brown's (D) expectations for September and capital gains tax revenue is about 20% higher than the administration's predictions. However, sales tax revenue is nearly 4.3% below Brown's estimates. The analysts said the budget's stability will depend on the stock market's performance.
- "State Budget on Track To Meet Goals" (Arns, Sacramento Business Journal, 9/24).