Income Tax Withholding Tracker: September 1 - September 24 [EconTax Blog]

Sep 24, 2021 - Through the 25th, federal withholding was up 19.6 percent from last year, somewhat below the state ’s pace.  
https://lao.ca.gov/LAOEconTax/Article/Detail/702

Home Prices Update: August 2021 [EconTax Blog]

Sep 23, 2021 - In the longer term, chronically high housing costs have hurt the state ’s business climate and been a key reason California loses residents to other states on net in most years. August 2021 data again show rapid growth in home prices in both California and the rest of the country over the past year: the typical home in California has appreciated 21.9 percent since August 2020, well above the national figure of 17.7 percent.
https://lao.ca.gov/LAOEconTax/Article/Detail/700

The 2021-22 Spending Plan: Other Provisions

Sep 23, 2021 - The spending plan includes a one-time appropriation of $25  million General Fund in 2021 ‑22 (available for encumbrance or expenditure until June 30, 2024) for the department to fund technology modernization solutions proposed by state entities.
https://lao.ca.gov/Publications/Report/4452

August 2021 State Tax Collections [EconTax Blog]

Sep 20, 2021 - August 2021 State Tax Collections [EconTax Blog] Seth Kerstein Through the first two months of the 2021-22 fiscal year, collections from the state ’s three largest taxes —personal income, corporation, and sales taxes —are running 20 percent ($3.6 billion) ahead of budget projections.
https://lao.ca.gov/LAOEconTax/Article/Detail/699

2021-22 “Big Three” Revenue Outlook Update: September 2021 [EconTax Blog]

Sep 20, 2021 - Our current best estimate is that the amount of unanticipated revenue likely will fall somewhere between $5 billion and $25 billion. As reflected by the width of this range, with so much of the fiscal year ahead of us there remains significant uncertainty about how much the state ultimately will collect.
https://lao.ca.gov/LAOEconTax/Article/Detail/698

What Do Unanticipated Revenues Mean for the Surplus? [EconTax Blog]

Sep 20, 2021 - They are: Proposition 98: Spending on Schools and Community Colleges. The Proposition 98 formulas determine the minimum amount the state must spend on schools and community colleges each year. The formulas account for changes in General Fund revenue as well as other inputs, such as changes in school enrollment and the level of spending on schools and community colleges in the previous year.
https://lao.ca.gov/LAOEconTax/Article/Detail/697

A New Method For Current Year Revenue Forecasting [EconTax Blog]

Sep 20, 2021 - For example, our estimates suggest that an updated forecast based on data available up through October was about 40 percent more accurate than the formal forecasts made in May of the same calendar year.    
https://lao.ca.gov/LAOEconTax/Article/Detail/696

August 2021 Jobs Report [EconTax Blog]

Sep 17, 2021 - More than half the gain came from the local government sector: August hiring was much higher than normal, as most California public schools are operating in person this academic year after being partially or fully remote last year.  
https://lao.ca.gov/LAOEconTax/Article/Detail/695

Changes in California State University General Fund Spending [EdBudget]

Sep 10, 2021 - The state intends to provide CSU an additional $225 million in each of the subsequent two years for this purpose. e These spending increases are offset by the removal of $20 million in prior-year, one-time funds.
https://lao.ca.gov/Education/EdBudget/Details/530

California Community Colleges Proposition 98 Spending by Program [EdBudget]

Sep 9, 2021 - California Community Colleges Proposition 98 Spending by Program [EdBudget]     e Reflects funding for various programs with less than $2 million in ongoing funding (Academic Senate, district financial crisis oversight, Middle College High School, and part-time faculty health insurance).
https://lao.ca.gov/Education/EdBudget/Details/525