The Office of State Controller has posted its General Fund Monthly Financial Report for June; which is significant because it contains year-end summaries for actual revenue collections and expenditures for the 2009-10 fiscal year. Some notable data includes:
- Tax revenue collections totalled $17.7 billion for FY 2009-10, compared to the budgeted amount of $18.05 billion.
- Tax revenues were up from the 2008-09 total of $16.8 billion, due largely to the tax increases
- Total budgeted spending came to $18.5 billion according to the report, compared to the budgeted $19.01 billion
- The spending amount, however, does not reflect the roughly $1.7 billion in stimulus funds used to backfill state programs. Adding in that spending brings the total to $20.2 billion for 2009-10
- Actual spending for FY 2008-09 was $19.65 billion, meaning that spending on state programs in 2009-10 was up by $550 million year-over-year
- The total spending budgeted for the current 2010-11 fiscal year comes to $20.6 billion. If revenues are sufficient to enable that level of spending, then that would mark a year-over-year increase in spending of $400 million over total spending for 2009-10.
- Lastly, if the state does spend the entire $20.6 billion this year, it would be a two-year increase of nearly a billion dollars over 2008-09 actual spending