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
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.