State Of California Revenue Tops Projection For Third Month In a Row
California’s general fund receipts have now beaten budget projections for three months in a row, with February revenue beating a fiscal 2011 budget estimate by 8.7%. So far in the current fiscal year (2010), which began last July 1, general fund revenue is almost $2 billion ahead of estimates. This positive trend shows California “is on the road to recovering from the recession,” State Controller John Chiang said in a statement.
Keep An Eye On The California Bond Sale tomorrow.
The most-populous U.S. state will offer about $2 billion in taxable notes including $1.3 billion in federally subsidized Build America securities, said Tom Dresslar, spokesman for California Treasurer Bill Lockyer.
“The BABs ( Build America Bonds) program has been a jobs-creating machine for California,” Dresslar said.
As much as $3.16 billion in taxable bonds will hit the market this week, the most since Dec. 11, according to preliminary data compiled by Bloomberg. Tax-exempt issues will total about $8.2 billion.