Tax Cash Increases… But Enough?
It looks like the flow of moneycoming in to state coffers has picked up as personal income tax returns are processed, but there's still a long ways to go.
As mentioned last week, Controller John Chiang has a new page on his website where you can see (with a time lag) the tax revenues come in each day in April. You may have mailed your check on time, but it takes a while for all of that cash to be processed.
New data shows Monday was the biggest day so far in April, with almost a net of $1.6 billion in tax dollars (that's the amount after refunds). That brings the total for the fiscal year up to almost $40 billion.
But the burning question is: will this be enough? Governor Schwarzenegger's current budget plan predicts that total will be $45.3 billion by the end of the month. That means the state still has a way to go as all of those remaining envelopes are opened at the Franchise Tax Board.
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John Myers is Sacramento Bureau Chief for KQED's The California Report, heard on public radio stations around the state. More about John...
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