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- Written by: California Controller's Office
For the fiscal year overall, the “big three” sources of General Fund revenue, personal income tax (PIT), retail sales and use tax, and corporation tax, are beating estimates in the enacted budget.
For the first eight months of the 2017-18 fiscal year, total revenues of $81.07 billion are 3.1 percent higher than expected in the January budget proposal, 6.0 percent above the enacted budget’s assumptions, and 10.6 percent higher than the same period in 2016-17.
For February, PIT receipts of $2.99 billion were 14.4 percent below the proposed budget’s projections.
The decrease of $505 million in February’s PIT revenues is due to the net impact of lower receipts and higher refunds, which were $293 million above estimates in the governor’s proposed budget.
For the fiscal year, PIT receipts are higher than anticipated in the 2017-18 Budget Act by $2.92 billion.
Corporation taxes for February of $164.3 million were 23.1 percent higher than expected in the proposed budget. For the fiscal year to date, total corporation tax receipts are 28.1 percent above assumptions in the 2017-18 Budget Act.
Sales tax receipts of $3.24 billion for February were $22.6 million higher than anticipated in the governor’s budget proposal unveiled in January. For the fiscal year, sales tax receipts are $421.6 million higher than the enacted budget’s expectations.
Unused borrowable resources through February exceeded revised projections by 28.3 percent. Outstanding loans of $9.72 billion were 27.9 percent less than the 2018-19 proposed budget assumed the state would need by the end of February. The loans were financed entirely by borrowing from internal state funds.
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- Written by: Editor
KELSEYVILLE, Calif. – Kelseyville Tripp Shopp has just opened its doors in the Pioneer Plaza in downtown Kelseyville.
Proprietor Elizabeth Straube, also known as Elle, has collected vintage hats and clothing, furniture and faubs, artwork and a long list of other funky, retro collectables including a wide ranging assortment of vinyl LPs.
She has an excellent turntable/sound system on hand so her shop is a musical delight as well.
The Kelseyville Business Association hosted a ribbon cutting on March 2, during a break in the weather, out in front of the shop with Straube’s young son, Willow, cutting the ribbon and her family from Colorado and members of the KBA providing the cheering section. The group wishes her all the best.
The Kelseyville Tripp Shopp will be open Monday through Saturday from 10 a.m. to 5 p.m. at 3970 Main St. Kelseyville. Stop in and say hello.
- Details
- Written by: Clear Lake Chamber of Commerce
The event will take place from 6 to 8 p.m. at the chamber headquarters, 14295 Lakeshore Drive in
Clearlake.
The mixer will be a barbecue affair with hot dogs and all the fixings in the park-like setting at water's edge, where local business owners can mingle and get to know each other.
While members are enjoying dinner, they will hear from Hoberg about the commission’s upcoming Sauvignon Blanc Experience, to be held May 4 and 5, which will feature an international symposium and a grand tasting.
A business card drawing will be held during the mixer to select the business of the month. The winner will receive publicity from the chamber, including promotion on the chamber Web site and an article in the local press.
Register to attend here.
- Details
- Written by: State Treasurer's Office
The sale included $1.52 billion in new borrowing authorized by 19 different bond acts and $663 million to refund outstanding general obligation bonds for debt service savings.
“The sale of these bonds will provide funding for vital infrastructure projects and will save taxpayers millions of dollars over the life of the bonds, due to the refinancing,” said Chiang. “Every dollar saved through refunding will over time be available for education, health services, environment protection and other programs that the people of California value.”
Since Treasurer Chiang took office in January 2015, refunding has created a public savings of about $6.5 billion over the remaining life of the bonds.
Interest rates on the bonds ranged from 2% to 5.25% while yields ranged from 1.3% to 3.72%. The overall true interest cost for the sale was 3.53%.
This week’s sale was the first general obligation bond sale since Treasurer Chiang launched the new www.BuyCaliforniaBonds.com Web site to provide greater efficiency and transparency to investors. The new site offers thousands of pages of financial data and documents about the state’s bond sales.
The sale, the largest tax-exempt municipal bond sale so far this year, generated strong demand from both retail and institutional buyers. The state received retail orders totaling $1.4 billion, the most for a California sale in at least five years.
The bonds were rated "Aa3" by Moody’s Investors Service, "AA-" by S&P Global Ratings and "AA-" by Fitch Ratings. The bonds are backed by the State of California’s full faith and credit.
Morgan Stanley and Merrill Lynch, Pierce, Fenner, Smith Inc. were joint senior managers for the sale with Loop Capital Markets as the co-senior manager.