Monday, July 10, 2017

California Revenue Report Jun '17


For Immediate Release                                                                       7/10/2017                                                                                                   
CA Controller Reports Revenues
$2.68 Billion Short of 2016-17 Budget Act

SACRAMENTO—California total revenues of $16.63 billion for June fell short of projections in the governor’s revised budget released two months ago by 2.5 percent, State Controller Betty T. Yee reported today.

The 2017-18 fiscal year began July 1.  For the fiscal year that ended June 30, total revenues of $121.91 billion missed May Revision estimates by $295.7 million, or 0.2 percent.  The fiscal year total was $2.68 billion lower than anticipated in the 2016-17 budget signed last summer, with all of the “big three” revenue sources missing the mark.   

For June, personal income tax (PIT) receipts of $10.94 billion were $161.0 million shy of May estimates, or 1.5 percent.  For the fiscal year, PIT receipts of $82.72 billion were $1.05 billion lower than projections in the FY 2016-17 Budget Act, but lagged May estimates by just $196.3 million, or 0.2 percent.
 
June corporation tax receipts of $2.42 billion were $344.4 million lower than anticipated in the May Revision, or 12.5 percent.  The fiscal year total of $10.11 billion in corporation taxes was $885.6 million lower than FY 2016-17 Budget Act
projections and $283.1 million less than expected in the May Revision. 

Retail sales and use tax receipts of $2.32 billion for June were $57.2 million, or 2.5 percent, higher than May estimates.  For FY 2016-17, total sales tax receipts of $24.71 billion missed the original Budget Act projections by $1.03 billion; they topped May Revision assumptions by $126.7 million, or 0.5 percent.

California has not pursued external borrowing since FY 2014-15.  The state ended last fiscal year with unused borrowable resources of $36.98 billion, which was $3.99 billion more than predicted in the governor’s May Revision.  Outstanding loans of $4.84 billion were $1.64 billion lower than the Department of Finance’s May estimates.  This loan balance consists of borrowing from the state’s internal special funds.

-----
Bold added above.  Seems that the exodus of the productive class has commenced. 

More vaca photos click to view:


66 comments:

Mike said...

it's pretty obvious Kali needs to raise their tax rates then.. ;<)

Rob Dawg said...

Laughing so hard I briefly considered closing the comments at one.

The grand exit is obvious and as predicted.

Mike said...

you know that's what the Dims in Sacramento are thinking...

high income Kali-critters won't start complaining though until they can't deduct their state taxes from their federal bill

LBD said...

Kalitaxes is the place to be seen!

Rob Dawg said...

Trump is a Nu Yawker. He won't push to remove the deduction. [I hope.]

I will be kicking myself if the deduction is repealed and I didn't get out before.

Mike said...

I will be kicking myself if the deduction is repealed and I didn't get out before.

would be interesting to see a study how much federal tax is being lost to the high inc tax states (CA, NY, MA etc)

Rob Dawg said...

Not so much lost as displaced. That has both positive and negative implications.

LBD said...

I don't pay that much tax anymore. Nice to be poor with money and wealth. :)

Mike said...

Nice to be poor with money and wealth. :)

high net worth with low income is the sweet spot these days..

Mike said...

Watching Canadian football on ESPN 3...it's actually more watchable than the NFL..more action..fewer commercials...surprised by the quality of the athletes also

Great Unknown said...

Cinco-X

Re comment on last thread. We actually picked by hand for cotton, not the seed. We were paid by the pound. My mom would lay out a cloth (like a bed sheet) in the field and we would empty our sacks (picked cotton into it).

I'm guessing that the cotton picking machinery was available but too expensive for the farmer so he paid pickers by the pound instead. It would go to the cotton gin to have the seed stripped out and then be bailed.

Rubygoat said...

I like to divide all these incomprehensible numbers by the population base they represent. Divide all those billions by 40 million people and you get something less scary. 5 billion in total outstanding loans is $125 of debt per person. 1 billion in missed sales tax is $25 in sales tax per person. That said, none of these estimates from last year were met and the state is moving in the wrong direction considering we are at the top of the economic cycle.

Great Unknown said...

What is that plant in the last pic?

Rob Dawg said...

Perhaps my favorite plant of all time. A Scotch Thistle.

EngineerJim said...

>Divide all those billions by 40 million people and you get something less scary.

Except the divisor isn't 40 million when you subtract out the illegals.

Great Unknown said...

Uhh... no offense, but I googled Scotch Thistle and got this result....

http://www.idahoweedawareness.net/vfg/weedlist/scotchthisle/scotchthistle.html

Why is this your favorite plant?

Mike said...

yeah I was going to make the same point..figure 10 million illegals not paying into the system..but taking benefits out..

Rubygoat said...

So many straw men...First, CA has 2 million illegals, not 10 million, second, illegals still pay sales tax, third, the exercise was just to make the numbers understandable. every state has children and elderly and many other groups that don't pay in.

Mike said...

nah.it's 10 million..and if the sales tax is covered by their food stamp card..did they really pay it??

Rubygoat said...

You really think CA is 25% illegal immigrants?

http://www.ppic.org/publication/undocumented-immigrants-in-california/

Mike said...

all estimates..based on guesses...heavily influenced by political beliefs

Mike said...

and whose to say the 40 million number is correct?? I know if I was living in a country illegally..I certainly wouldn't be responding to any voluntary census form that shows up at my house..

Rubygoat said...

The link I provided was literally the first google hit in my search. I didn't know how many illegals were in CA so I looked it up. What I did know is there is NO way the state is 25% illegal imigrants. its just not possible.

Rubygoat said...

5% is still pretty high and a decent drain on the system tho.

EngineerJim said...

>and whose to say the 40 million number is correct?? I know if I was living in a country illegally..I certainly wouldn't be responding to any voluntary census form that shows up at my house..

Yeah, I have often wondered how exactly the number of illegals is determined.

Mike said...

the 2 million number is an estimate..which they don't provide their methodology for. The 40 million number is an estimate also...likely missing most illegals (unless you think illegals actively participate in voluntary census exercises)..

EngineerJim said...

>the 2 million number is an estimate..which they don't provide their methodology for.

I'm sure an "expert" can be produced that will explain how illegals are counted.
It's always amazing that there are experts available on any given subject.

Mike said...

I live in an area with a lot of H1B's (from India)..and almost all of them bring three generations of family along with them. So..husband (H1B)..wife..one or two kids...elderly parents. My guess is the wife and kids are allowed under the program...elderly parents probably come on a vistor visa (30-60 days)..and just overstay. I guarantee you none of that is ever counted in these studies..

Mike said...

I'm sure an "expert" can be produced that will explain how illegals are counted.

more likely they'll just call you a racist for even asking...

Rubygoat said...

Straight from the DHS, there are 1.9 million resident nonimigrants in the country legally via the HB1 visa program. That number is mostly workers and their family and students. Again, that is for the whole country. CA is much less than that. Your perception does not match the facts and data, it doesn't even pass the smell test of what could reasonable be true. 1 in 20 people being an illegal immigrant is a serious problem, 1 in 4 is just not physically possible.

EngineerJim said...

>more likely they'll just call you a racist for even asking...

Even using the term "illegals" is racist according to some people.

PRCalDude said...

Whether illegal or not, the state is now half Latin American with the mean age of whites being pretty high. Half of Latin Americans are on some sort of public assistance, but usually several forms. So if there are 40 million in this state, about 10 million people are on public assistance. This figure matches up pretty well with the TFR of Latin Americans in California: about 3.9. Even if there are only 2 million illegals, which is laughable, their anchor babies enable them to receive government benefits.

The amount illegals pay in sales taxes in no way offsets the amount of even the free medical care they get by showing up the ER and ducking the bill. Illegals in this country cost the taxpayer over $100 billion in welfare payments and other care (much of which is written-off like medical care) while they pay only about $11 billion in taxes.

Then there's the demographic changes wrought. These anchor babies have paperwork that says they're US citizens. Maybe half of them value being American. The other half are aggrieved irredentists.

Rubygoat said...

Thanks PRCalDude. 10 mil total on public assistance is a more reasonable representation of CAs problem. That includes illegals with anchor babies, elderly, handy capped, mentally ill, etc. All of the medical expenses and sales tax numbers you cite for illegal immigrants seem pretty reasonable to the population numbers we should expect. The bottom quartile, illegal or not, will drain more from the system than they pay in.

EngineerJim said...

More than 31% of the CA population is on Medicaid kind of puts it in perspective.
Medicaid was supposed to be for poor people.

Rubygoat said...

People just don't die like they used to.

Rubygoat said...

g'nite all.

Rob Dawg said...

3 million illegals with 6 million kids is easy math for a quarter of the population.

Rubygoat said...

ok then, those kids would be in school, making them easy to count. 750k students or 1/8 of the enrolled students are from illegal homes. A HUGE number, but not 6 million kids.

http://www.dailywire.com/news/15910/how-many-students-california-have-illegal-james-barrett

Rubygoat said...

Why does everyone seem to want there to be 10 million illegals instead of 2-3 million? The current problem is bad enough.

LBD said...

Good Morning!

Consider all the jobs lost in the welfare system with out illegals. Kali fueled the illegal for cheap labor into a cash flow for votes. Kali goes broke write some IOU's and raise taxes. What could go wrong?

Rob Dawg said...

California just had a round of huge tax increases. Tax revenues are below expectations. We are deep inside the limits of diminishing returns. It is worse because every business knows it will only get worse.

Mike said...

Consider all the jobs lost in the welfare system with out illegals.

Not to mention the education system. Washington state had 1 FTE teacher for every 17 students. (+ support + admin folks). It all feeds the otherwise failing Democratic party.

PRCalDude said...

I argued with my dad that we're going the way of Illinois
He said we had a long time before that happened. I'M not so sure
The productive classes don't see any return on our tax dollars and many see their tax dollars as going to pay for the Mexicans who demographically displace them so they're leaving for good. On the higher end of the labor pool, do big California based companies even hire Americans anymore?

I think our insolvency is going to accelerate as most bankruptcies do. People go broke slowly at first and then quickly at the end.

LBD said...

Kali the Gateway to illegal immigration for profit and votes. Now the tail wags the dog. Cry about the employers but the government especially the States that cater to the problem with freebies. Sad most Americans pick a political party like they pick sports teams. It's all about the win!

Cinco-X said...

http://nypost.com/2017/07/10/new-jersey-residents-curse-out-christies-beach-day/?utm_campaign=SocialFlow&utm_source=NYPTwitter&utm_medium=SocialFlow&sr_share=twitter

View at your own risk...

Mike said...

it would be interesting to see a count of "W-2" wage earners in California over time (with average gross income)...that would be the best denominator to use for tax burden analyses/discussions..

(I looked at the ADP data sets and didn't see anything broken out by state)..

Lawyerliz said...

Well, you all are clearly under taxed.

Mike said...

I'm picturing a classroom with 17 students.. (roughly 4 rows with 4 students per row)...isn't that a lot smaller than when we were growing up? I seem to recall class sizes (especially jr high & high school) being more in the 25-30 range (five rows * five/six deep)

LBD said...

The past there was little special needs education. Now it seems lots of kids have difficulties and need more attention. Kid has energy? drug him into the norm. Got an ABC problem? more special ed teachers, Paras and keep mom and dad out of the school except play ground volunteers. Result, those who want to learn are bored and the goal is to graduate illiterates with degrees in mass for more school funding. Screw up and get a check. How's that working out.

Lawyerliz said...

Nobody complains about Cubans in Florida because they are legal if they get here. I never heard of any on welfare, unless they were truly disabled. They cheat on taxes no more than anybody here does. HaitIans manage to stay here, don't know how, but nobody complains. Even the highly prejudiced admire them for working so very hard. They like to paint their houses bright colors. Very pretty. What do you guys have against Mexicans? They used to own Southern Kali. Are you made because they came back?

Lawyerliz said...

Mad

Lawyerliz said...

Oh and /ducks.

Lawyerliz said...

California is by itseld, the 7th or 8th biggest country in the world. PErhaps it should be compared with Countries as far as exendatures as such, not states. Japan doesn't have to support a military.

Rubygoat said...

The comparison would be italy, not japan if you are looking for a close landmass, population, economy, etc. They even have their own immigrant crisis

Rob Dawg said...

Italy v California. Interesting. I will do a post when I find the time.

Lawyerliz said...

Italy has more pretty stuff.

LBD said...

LL My points are not direct at Mexicans alone, all illegals and wet foot, dry foot was wrong. IMO Plenty of jobs for Americans but we ignore the fact they are illiterate, unemployable and lazy.

Lawyerliz said...

Cubans and Haitians are none of those thing.

Cinco-X said...

What we're you makin? 10¢/hour?

Cinco-X said...

Me too

Rob Dawg said...

Think why they either chose or were forced to emigrate. Prolly some of the more select we've ever gotten.

Cinco-X said...

The original Cubans for sure. We had a Haitian working on our house a few years back. A really great guy. My daughter has a Haitian friend that's also very nice.

Rob Dawg said...

You don't like my photographs?

LBD said...

I do like the pics and plan when I have time to post some of my steel art just for laughs. :)

Casey Serin said...

Hi Walrus, long time no speak.

Casey Serin has a kid, and just found a car dealership to give him a new Toyota for $0 down. Ugh.

Rob Dawg said...

New post with a cool link.