scorecard
  1. Home
  2. stock market
  3. California's State Budget Continues To Look Very Healthy

California's State Budget Continues To Look Very Healthy

Calculated Risk   

California's State Budget Continues To Look Very Healthy
Stock Market2 min read

In November 2012, I was interviewed by Joe Weisenthal at Business Insider. One of my comments during our discussion on state and local governments was:

I wouldn't be surprised if we see all of a sudden a report come out, "Hey, we've got a balanced budget in California."

At the time that was way out of the consensus view. And a couple of months later California announced a balanced budget, see The California Budget Surplus

The situation has improved since then. Here is the most recent update from California State Controller John Chiang: Controller Releases December Cash Update

State Controller John Chiang today released his monthly report covering California's cash balance, receipts and disbursements in December 2013. Revenues for the month totaled $10.6 billion, surpassing estimates in the state budget by $2.3 billion, or 27.7 percent.

Total revenues for the fiscal year-to-date were $2.5 billion ahead (6.4 percent) of budget estimates.

"Revenues for the first half of the fiscal year are well ahead of estimates and reflect a surging economy fueled by a boom in technology, rising exports, improving consumer confidence, and a new housing upswing," said Chiang.

emphasis added

This is just one state, but I expect local and state governments (in the aggregate) to add to both GDP and employment in 2014.

READ MORE ARTICLES ON


Advertisement

Advertisement