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SACRAMENTO – State Controller John Chiang on Tuesday released his monthly report covering California’s cash balance, receipts and disbursements in June and for the complete 2011-12 fiscal year.
“The fiscal year ended with solid numbers in June – the State’s largest revenue month – but some revenue streams remain weak,” said Chiang. “California’s economy, like its General Fund Budget, still has a long way to go before it can achieve a full recovery.”
The 2011-12 fiscal year ended with $87.8 billion in receipts and $89.2 billion in disbursements, but that shortfall was $1 billion lower than projected.
In the month of June, total revenues were $247 million (2.2 percent) above projections made in the Governor’s May Revision.
Personal income taxes rose $496.3 million above (7.7 percent) projections, and sales taxes were also up $1.3 million (0.1 percent).
Corporate taxes were down for the month, coming in $305.7 million (-15.5 percent) below projections.
The state ended the fiscal year with a cash deficit of $9.6 billion. That deficit is being covered with internal borrowing (temporary loans from special funds).
A snapshot of monthly revenues and comparisons can now be found on the State Controller’s mobile Web site, www.sco.ca.gov/mobile .
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LAKEPORT, Calif. – Richard Cooper, chief executive officer of Mendo Lake Credit Union and board member of the Economic Development Finance Corporation (EDFC), and John W. Kuhry, executive director of EDFC, will be the featured speakers at Thrive Lake County's meeting on Monday, July 30.
Cooper will follow up a presentation made at June's Local Investing Opportunity Network meeting. He will further explain the current and planned financing options the credit union has for entrepreneurs looking to build or grow their business.
Kuhry will focus his presentation on the Recycling Market Development Zone (RMDZ) program, which is administered by EDFC.
RMDZ provides attractive loans, technical assistance and free product marketing to businesses that use materials from the waste stream to manufacture their products within a zone.
Both men will also field questions regarding the role of EDFC in connecting money to entrepreneurs and ideas.
Time will also be provided at the meeting for networking and open space discussions on energy, food, policy, and alternative economies.
The meeting will run from 5:30 p.m. to 7:30 p.m. and will be held In the community room at the Lucerne Community Clinic on Route 20 at 14th Street in Lucerne.
Admission is $5 for Thrive Lake County members and $10 for non-members to cover the cost of refreshments.
Please RSVP by commenting on Thrive Lake County's blog post at www.thrivelakecounty.org/2/post/2012/07/july-quarterly-meeting.html .
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SACRAMENTO – The California State Board of Food and Agriculture will discuss agricultural land preservation and the Williamson Act at its upcoming meeting on July 10.
The meeting will be held from 10 a.m. to 3 p.m. at the California Department of Food and Agriculture, 1220 ‘N’ St., main auditorium, Sacramento, CA 95814.
“Agricultural land is one of the most significant resources that we have within California,” said CDFA Secretary Karen Ross. “How we protect this precious resource and ensure that future generations have access to it is critical for the state and our urban and rural communities.”
On average, California loses approximately 55,000 acres of farmland per year or about one square mile every four days.
Between 1984 and 2008, more than 1.3 million acres of farm and grazing lands were lost in California.
This meeting will highlight programs and efforts to protect and preserve agricultural lands at the county and state level.
Scheduled speakers include: John Lowrie, California Department of Conservation; John Gamper, California Farm Bureau Federation; Edward Thompson, Jr., American Farmland Trust; Ethan Elkind, University of California Berkeley; Heather Fargo, Strategic Growth Council; Billy Gatlin, California Cattlemen’s Association; Karen Buhr, California Association of Resource Conservation Districts; William Chiat, California Association of Local Agency Formation Commissions; and David Shabazian, Sacramento Area Council of Governments.
“Agriculture is truly one of the great landscapes of our state,” said President Craig McNamara, California State Board of Food and Agriculture. “Protecting farm land is not just the responsibility of farmers, ranchers and nonprofit organizations. It is also the responsibility of local communities, developers and consumers.”
The California State Board of Food and Agriculture advises the governor and the CDFA secretary on agricultural issues and consumer needs.
The state board conducts forums that bring together local, state and federal government officials, agricultural representative and citizens to discuss current issues of concern to California agriculture.
Follow the board on Twitter at www.twitter.com/Cafood_agboard .
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SANTA ROSA, Calif. – Pacific Gas and Electric Co. (PG&E) submitted a notice of its intent to file a 2014 General Rate Case (GRC), which will request funding for additional infrastructure investments and improved operations to achieve significant gains in the safety and reliability of its electric generation, and electric and gas distribution services, during the years 2014-16.
PG&E is asking the California Public Utilities Commission (CPUC) for an increase in electric bills for the typical residential customer of less than $5 per month, to about $95 per month.
For natural gas customers, the typical residential bill would increase less than $7 per month, to about $53 per month.
Even with these increases, PG&E’s typical residential electric and gas bills would remain well below national averages of nearly $108 and just over $65 per month, respectively.
“Our request is about the safety of our gas and electric operations and building for the long term,” said Pacific Gas and Electric Co. President Chris Johns. “It is critical to the 15 million people we serve, and to the economic health of California, that PG&E continues to invest in a safe, reliable and affordable energy future. The proposal we put forward today will enable us to modernize our system and accelerate the progress we have already begun toward our long-term goal of being the safest utility in the country. It will also make California stronger and help revitalize the state’s economy.”
The total funding request is $1.25 billion in 2014 over currently authorized levels. It asks for additional increases of about $500 million in 2015 and 2016 to account for additional infrastructure improvements, and increased costs of labor, materials, supplies and other expenses.
For the first time, PG&E’s request will be reviewed by independent technical experts hired by the CPUC. The public will have greater insight into the process as well.
“We’re setting a new level of transparency with this case,” Johns said. “Beyond the involvement of the technical experts, we will report progress on our objectives to our customers and to the Commission on a regular basis.”
Customers and other interested parties can learn more about the investments that PG&E plans to make to enhance safety and reliability, and the requested rate changes, by visiting www.pge.com/grc .
“We strongly support the principle behind PG&E’s rate application,” said Tom Dalzell, business manager for Local 1245 International Brotherhood of Electrical Workers (IBEW), which represents nearly 12,000 PG&E employees in clerical, maintenance, construction and generation jobs. “The priorities are where we think they should be. Sound operational considerations are given the highest priority, which we think is of greatest benefit for customers. Gas and electric systems don’t maintain and fix themselves, they need to be maintained and fixed. It is not free and not even cheap, but it needs to be done.”
Added Karen Sawislak, executive director of Engineers and Scientists of California, IFPTE Local 20, which represents more than 2,500 technical professionals at PG&E: “Our union is in full support of PG&E’s commitment to the safe and efficient operations of its electrical and gas systems, as evidenced in the priorities set forth in this rate application.”
Economic impact
The investments made possible by PG&E’s 2014 GRC will improve the competitiveness of businesses in our service area by providing them the platform of a 21st century energy infrastructure, the company reported.
These investments also will generate new jobs and stimulate economic growth throughout the state. PG&E currently employs over 20,000 people. The 2014 request would permit the company to hire 2,200 more employees dedicated to improving system safety, reliability and customer service.
Altogether, the GRC request would support about 39,000 jobs in California and generate an estimated $9 billion each year in positive economic impact from sales of goods and services statewide.
PG&E’s request would generate an estimated $685 million per year in California state and local tax revenue as a consequence of the added worker income and business sales.
“Ensuring that the Bay Area and California have safe, reliable and modern energy infrastructure is an absolute necessity if we are to remain competitive as a region and a state,” said Jim Wunderman, president and chief executive officer of the Bay Area Council. “Investing in our energy infrastructure creates jobs and spurs important economic activity now, while laying the foundation for our future growth and economic prosperity.”