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Timing is Everything

Byuclafaculty

The state controller’s monthly cash report through December is out today and on the face of it there is less revenue than anticipated and more expenditure than anticipated for the first half of the year.  However, the controller in footnotes and in a supplementary statement attributes these results to timing rather than some fundamental departure from budgetary expectations.  Certain sales tax receipts that would normally have gotten into the general fund in December were not transferred there until January.  And certain local expenditures were paid out earlier than had been expected.

In any event, these figures are too recent to have figured into the governor’s forthcoming budget proposal for 2013-14 due out tomorrow.

The controller’s statement is at:
http://www.sco.ca.gov/Files-EO/fy1213_dec.pdf

His summary interpretation is at:
http://www.sco.ca.gov/Files-EO/01-13summary.pdf

Timing is everything when it comes to cash statements:
[youtube http://www.youtube.com/watch?v=NJopLsgMR7c?feature=player_detailpage]

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Byuclafaculty

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