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Article: California Has a Nice October Surprise.(News)
- Article from:
- The Bond Buyer
- Article date:
- November 12, 2009
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Rich Saskal
SAN FRANCISCO - California Controller John Chiang delivered a rare piece of good news this week in his monthly general fund cash report, saying the state beat its budget estimates for of October.
General fund receipts were $285 million ahead of estimates in the most recent amended budget.
"October's receipts are a welcome break from a largely negative trend line for the last two years," Chiang said in a statement Tuesday. "However, high unemployment, excessive borrowing, an ailing construction industry, and legal challenges to the budget remain real threats to the state's cash outlook."
Despite the ...