May 11, 2010

May Revision to be Released May 14, 2010

The next scene at the annual State Budget kabuki theater will be presented on Friday when the Governor releases his 2009-10 and 2010-11 State Budget revisions.  The State Controller released his April revenue report last Friday showing revenues below the January budget estimates for April and for the 2009-10 fiscal year.

The April report is more reflective of last year’s (2009) state economy (most of the April income tax payments and refunds are for the 2009 tax year) than it reflects this year’s (2010) state economy that was showing $2.6 billion more revenue prior to the April revenue crash.

~Dave Walrath