With the upcoming end of the "triple flip," a complex, decade-old mechanism affecting state and local finances in California, we have received several inquiries seeking a basic understanding of what the triple flip is and how its end will work exactly. This note addresses those issues.
We consider the relationship between a California area having an agriculture-focused economy and its unemployment rate.
U.S. Bureau of Labor Statistics data on state employment trends in December show that, while California's job market has been improving, unemployment here still ranks high among U.S. states.
The state's Employment Development Department released its first report, to be revised later, on December 2014 job growth in California.
On an "apples to apples" basis, a preliminary review of the Governor's January 2015 budget proposal shows that it assumes that the "Big Three" General Fund taxes for 2013-14 through 2015-16 will be $1.3 billion higher than the LAO projected in November 2014.
The preliminary December 2014 income tax totals increase the chances that General Fund revenues in 2014-15 will be billions of dollars above what our office projected a few weeks ago.