"Chiang!"
Posted on 10/09/2009 3:20:15 PM PDT by NormsRevenge
Just three months into the fiscal year, the state's total general fund revenues are already $1.1 billion below estimates made in the recently amended budget, Controller John Chiang said today.
Chiang delivered the grim news in his monthly report covering California's cash balance, receipts and disbursements in September. He urged lawmakers to prepare for more tough decisions.
"Revenues more than $1 billion under estimates and recent adverse court rulings are dealing a major blow to a budget that is barely 10 weeks old," Chiang said in a statement.
"While there are encouraging signs that California's economy is preparing for a comeback, the recession continues to drag state revenues down," Chiang added."I urge lawmakers and the governor to prepare for more difficult decisions ahead."
The state's three largest sources of revenue all came in below estimates in September.
When adjusted to account for payments made in September that were previously delayed or issued as registered warrants in July and August, personal income tax revenues for the month were down $934 million, 17.3 percent below estimates, and corporate taxes were down $183 million, 10.5 percent below estimates.
The state's sales tax revenues were down $99.8 million, 4.5 percent below the amended forecast.
(Excerpt) Read more at sacbee.com ...
Chiang!
Ok is humor day.
They clearly havn’t raised taxes enough and have been too soft on business. More taxes and regulations will save the day!
The population in Califormia might be growing, thanks to illegals; but those paying exhorbitant taxes are leaving.
We can safely blame the high-tax politicians and those that voted for them.
Revenues aren’t down—they twisted the original numbers to get a “balanced” budget passed. Give me a frickin’ break.
Zero says he will donate prize money to charity. Gte ready Cal put your hands out!
$1 Billion? Calif gives that away in about 1 1/2 weeks for ENDLESS freebies for illegal aliens.
I saw this coming - Nationally - when doing my taxes in April.
Given all the stock market losses in late 2008, there were probably many people reporting capital gain LOSSES and taking the $3,000 deduction.
To pay taxes, people meed to MAKE money.
Hey Suckramento, that money that I used to send you every quarter? Remember that? Yeah well, I stopped. Know why? It’s because the hopeless morons you have indoctrinated in your public schools over the last 30 years believed (thanks to you) that there was a free lunch, and so they voted Democrats (aka filthy Godless Communists) into control of the US Senate and House in 2006. And energy prices promptly doubled. Then they voted for a stinking Communist for president in 2008. I have not sent you a penny since then, and I won’t. Better dead than red! And I mean that with all sincerity.
“The state’s three largest sources of revenue all came in below estimates in September.”
Gee what a surprise.
$1 Billion? Calif gives that away in about 1 1/2 weeks for ENDLESS freebies for illegal aliens.
... and government workers who get paid $200,00 a year .. now .. and then the same until age 95.
Mathematically, no problem!!!
Ooooops, problem.
To pay taxes, people need to MAKE money.
No no no that can’t be right.
“Hey Suckramento, that money that I used to send you every quarter? Remember that? Yeah well, I stopped. Know why? It’s because the hopeless morons you have indoctrinated in your public schools over the last 30 years believed (thanks to you) that there was a free lunch, and so they voted Democrats (aka filthy Godless Communists) into control of the US Senate and House in 2006. And energy prices promptly doubled. Then they voted for a stinking Communist for president in 2008. I have not sent you a penny since then, and I won’t. Better dead than red! And I mean that with all sincerity.”
Wow.
Way to go.
Good. The sooner California defaults the sooner it will be forced to address the real reasons for its collapse.
Hey Norm! Back me up on some arithmetic here, would ya??
Here are some numbers from the State Controller:
QUOTE
Revenue was 5.3 percent less than was assumed in the $85 billion annual budget during the three months ended Sept. 30. Income tax receipts led the shortfall, as unemployment reached as high as 12.2 percent in August.
“Revenues more than $1 billion under estimates and recent adverse court rulings are dealing a major blow to a budget that is barely 10-weeks old,” Controller John Chiang said in a statement. “
UNQUOTE
If “Income Tax Reciepts” are really what is leading the way into $1 Billion Dollar deficit right off the bat in California, how can unemployment in the State be anywhere near 12.2%?? I submit that rate isn’t anywhere near high enough to cause that big of a shortfall.
In the Navy, we called statements like this one “putting yourself on report”...I think Mr. Chaing let slip with some truly ominous information here...
The unemployment rate has got to be wildly understated in order to have that kind of impact on the budget this soon in the fiscal year. We all know that unemployment nationally is much higher than the BLS will admit (17%+...??), and considering that California is the epicenter of financial disaster on the Left Coast, along with being the World’s 8th largest economy, the actual financial condition of the State is a big part of what’s driving the non-stop decline in the whole Country.
I think this is more validation of the impending disaster that we keep hearing is imminent (Gold at $2000/OZ and a 4200 Dow by New Year’s, for one example...).
Stand by...
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