August 15, 2013

DOF July Report

July was a quiet revenue month for the State General Fund. The revenues were below estimates for the first time since the estimates were adjusted at the May Revision.

While in percentage terms the drop was bothersome ( 4.5% below estimates), in dollar terms $266 million it is a very minor miss. The numbers do indicate, however, the slowing of consumer spending that has been expected with the federal fiscal actions taken late last year and early this year.

The following is the link to the Department of Finance report:  http://www.dof.ca.gov/finance_bulletins/2013/august/

~Dave Walrath