The Blog

State Revenues up Another 4.5%, Controller Chiang Reports

Voters’ approval of Proposition 30 in November 2012 is still paying dividends for California, its schools, and its students, according to the July 2014 “cash report” issued by State Controller John Chiang.

Total revenues for July, which is the first month of the state’s 2014-2015 fiscal or accounting year, are outpacing estimates in the Budget Act by $231.9 million or $4.5%.

"Even though July is usually a weak revenue collection month, the new fiscal year is off to a strong start," Chiang said. "While the State plans to borrow operating funds through revenue anticipation notes, the $2.8 billion needed solely for smoothing out the timing of revenues is at the lowest level since the 2006-07 fiscal year. If we can continue to reduce short- and long-term debts, we can continue to improve our fiscal condition."

Schools were a major beneficiary of the revenues.  Notes a news release from the Controller’s office, “The most significant payments [made in July] were $6.5 billion to public schools, which included deferrals from the spring in addition to the normal July scheduled payments.”

The report that shows revenues continuing to rise faster than estimates gives school supporters how that schools will continue to receive more funding.  Currently, California ranks 49th nationally in per-pupil expenditures, something that parents, CTA members, and public finds totally unacceptable.

Read more about the state’s fiscal condition in the financial statement and summary analysis published by the Controller’s staff.

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