taxes

California Revenues Fall $475 Million Short

Aug 13, 2012
Photo used under Creative Commons from Andy Patterson / Modern Relics / http://www.flickr.com/photos/modernrelics/4461010654/

California State Controller John Chiang released his monthly revenue report today. Revenues fell way below projections for July, but state finance officials say it’s not so bad.

The controller says July revenues were $475 million short. The State ended the last fiscal year with a cash deficit of $9.6 billion. As of July 31, that cash deficit totaled $18 billion, and is being covered with temporary loans from special funds. State Controller John Chiang called the collections “disappointing.” Republican Senator Tom Harman says he’s concerned the state will run out of cash soon.

Prop 13 casts a long shadow on state, local government

Mar 1, 2011

Thirty three years ago, California voters overwhelmingly passed Proposition 13 into law, ushering in a new era of California politics and forever changing state and local government. Not only did the constitutional amendment cut property taxes nearly in half, its implementation also ushered in a major change in the way government services are provided, in the Golden State, centralizing more power in Sacramento. It also helped spark a wave of so called "ballot box budgeting" with citizens taking control of the power of the purse, in both setting tax rates and spending priorities.

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