This story is free to read because readers choose to support LAist. If you find value in independent local reporting, make a donation to power our newsroom today.
This is an archival story that predates current editorial management.
This archival content was written, edited, and published prior to LAist's acquisition by its current owner, Southern California Public Radio ("SCPR"). Content, such as language choice and subject matter, in archival articles therefore may not align with SCPR's current editorial standards. To learn more about those standards and why we make this distinction, please click here.
State Revenues $480 Million Above Estimates, No Delays or IOUs this Tax Season
Photo by Franco Folini via Flickr
California currently has a $22.3 billion cash deficit, but the latest cash flow report from the State Controller's office today revealed that revenues are $480 million above budget estimates. Translation: this is a good sign, but we're not out of the water yet. “Revenues came in above projections for the third month in a row, continuing a positive trend that shows California is on the road to recovering from the recession," explained State Controller John Chiang. “While the worst may be behind us, we still face cash challenges later in the summer absent enactment of further credible and sustainable budget and cash solutions.”
The higher than anticipated revenues means tax season this year should be back to normal. "Given February’s numbers and recent action from the Legislature to improve the State’s cash flow, Californians should expect to receive their hard-earned tax refunds on time," Chiang said. Last year during the Spring tax season, refunds were delayed. In the summer, IOUs were handed out.
You come to LAist because you want independent reporting and trustworthy local information. Our newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our connected community. We are free to tell the full truth, to hold power to account without fear or favor, and to follow facts wherever they lead. Our only loyalty is to our audiences and our mission: to inform, engage, and strengthen our community.
Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive from readers like you will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
If this story helped you today, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Your tax-deductible donation keeps LAist independent and accessible to everyone.
Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive from readers like you will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
If this story helped you today, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Your tax-deductible donation keeps LAist independent and accessible to everyone.
Senior Vice President News, Editor in Chief
