May Revision: Earned Income Tax Credit Proposal [EconTax Blog]

May 17, 2015 - By reducing General Fund tax revenues, the EITC reduces the revenue base upon which key Proposition 98 school funding calculations are made. In many years, therefore, the EITC could reduce Proposition 98 funding for schools and community colleges to some extent. 2015-16, however, may not be such a year.
https://lao.ca.gov/LAOEconTax/Article/Detail/107

May Revision: Proposition 30 Estimates, Accrual Uncertainties [EconTax Blog]

May 17, 2015 - The state budgets on a fiscal-year basis (July 1 through June 30). The structure of Proposition 30 is such that its temporary  revenues do not go away all at once in a single fiscal year. Instead, the revenues  roll off over several fiscal years.
https://lao.ca.gov/LAOEconTax/Article/Detail/106

Changes to the state's hiring process

May 17, 2015 - In the more than 80 years since the voters first established the civil service, a variety of statutes, decisions, rules, practices, and case law have bui lt upon the constitutional framework of a merit-based civil service system.
https://lao.ca.gov/Recommendations/Details/851

May Revision: LAO Revenue Outlook [EconTax Blog]

May 16, 2015 - As we noted in our earlier comments on the May Revision, most of our higher estimated revenues will be required to be spent on schools and community colleges and on requirements of Proposition 2 , the state's reserve and debt payment mechanism approved by voters last year.
https://lao.ca.gov/LAOEconTax/Article/Detail/105

Governor's May Revision proposal to close Developmental Centers

May 16, 2015 - The state has successfully closed Agnews DC —over the five-year period from 2004-05 to 2008-09 —and Lanterman DC —over the six-year period from 2009-10 to 2014-15. The proposed closure of Sonoma and Fairview DCs and the general treatment area at Porterville DC over six years is a shorter time period than the eleven-year period it took to close both Agnews and Lanterman DCs one at a time.
https://lao.ca.gov/Recommendations/Details/848

May Revision proposal related to President's executive actions on immigration

May 16, 2015 - The United States Citizenship and Immigration Service reports approximately 60 per cent of the current DACA-eligible population applied for DACA status in the first two years the program was in effect.
https://lao.ca.gov/Recommendations/Details/849

May Revision: LAO Economic Outlook [EconTax Blog]

May 15, 2015 - Our main scenario economic outlook reflects our best estimate, as of now, of near-term economic conditions, assuming that economic growth continues over the next few years. In reality, economic conditions will differ somewhat from our main scenario in the current year and every future year.  
https://lao.ca.gov/LAOEconTax/Article/Detail/104

The 2015-16 May Revision: LAO Analyses [Publication Details]

May 15, 2015 - Unlike prior years in which we produced an Overview of the May Revision publication, this year we plan to release our assessment of the Governor’s May Revision in various products that will be found on this index page.
https://lao.ca.gov/Publications/Detail/3356

Initial Comments on the Governor's May Revision

May 15, 2015 - As described here , our revenue estimates are a few billion dollars higher than the administration’s new estimates for the 2015-16 fiscal year. Our initial calculations suggest that most of these higher revenues will be consumed by higher spending requirements for schools and community colleges under Proposition 98 and higher budget reserve and debt payment requirements under Proposition 2.
https://lao.ca.gov/Recommendations/Details/845

FTB Spring 2015 Revenue Exhibit Data Posted [EconTax Blog]

May 14, 2015 - This sharp year-over-year drop illustrates the volatility of capital gains in the state 's  revenue structure. In 2013, more than half of the total capital gains reported were on returns with adjusted gross income (AGI) of $2 million or more.  
https://lao.ca.gov/LAOEconTax/Article/Detail/102