June 16, 2008: Budget Update
By David Walrath
Tomorrow June 17th, the Budget Conference Committee will start discussing the K-12 education budget. No major actions are expected tomorrow during the first discussions because of the complexity of balancing the Proposition 98 requirements with the rest of the budget. All expectation is that there will be no final budget action until late July. This update will be expanded after the first K-12 actions are taken tomorrow.
The Department of Finance released their report of May General Fund revenues. This report was consistent with the Controller's report earlier in the week. While personal income tax revenues are running ahead of projections, the corporate tax and sales tax revenues are well below estimates. The net effect is no increase or decrease in expected General Fund revenues.
