07.09.10: State Controller Releases June Report
By David Walrath
Today the State Controller released the June cash revenues. The report indicated that June State General Fund revenues were $56 million less than the expected almost $11 billion in revenues. This is a .5% difference. Combined with the May better than expected revenues, the state General Fund ended the fiscal year approximately $600 million better than estimated.
June is a major month for state revenues, to be almost even on the projection is further evidence that the economy is recovering slowly. Personal income tax revenues were significantly above projections, while corporate tax and sales tax revenues were below projections.
The good news is there was no bad news. The state budget hole has not gotten deeper or measurably smaller.
The Governor and Legislature are still very far apart in approving a 2010-11 state budget. The June revenue numbers will not bring them closer together. Expect another long, hot, no state budget summer.
