We discuss the ways that economic assumptions affect state budget analyses and how policy makers and others should consider these assumptions.
As part of the annual budget development process, the administration provides us with its current estimates of Proposition 30 revenues through 2018-19. 2018-19 is the last fiscal year affected by the Proposition 30 income tax increases for high-income Californians.
We have received data on January 2015 state revenue collections from California's tax agencies.
The expiration of the Proposition 30 sales tax increase affects the sales tax projections in our new Fiscal Outlook publication.
In conjunction with the November 2015 edition of our Fiscal Outlook, we update our estimates for the revenue effects of Proposition 30 (2012).
We answer some questions we receive about California's budget and the stock market downturn of recent days.
In total, 2014-15 General Fund agency cash revenue collections exceeded the Governor's estimate, as incorporated in the 2015-16 budget plan he signed into law last month, by $732 million.
Collections of the state's three major General Fund taxes combined for 2014-15 were over $650 million above the Governor's projections as incorporated into the budget act signed on June 24.
With the 2015-16 May Revision, the Governor's administration posts updated economic and revenue resources related to its budget proposal online.
April is a major corporate tax collection month. Here, we discuss April 2015 collection trends for the state's third-largest General Fund revenue source.