Preliminary General Fund agency cash for January was $148 million below the 2016-17 Governor’s Budget forecast of $13.178 billion. Year-to-date revenues are $193 million below the forecasted $65.48 billion.
California approached midyear 2013 with moderating employment gains and a steadily falling unemployment rate. Real estate markets were also improving and home building improved fitfully. Preliminary estimates show that personal income dropped 1.8 percent in the first quarter of 2013 from the fourth quarter of 2012, reflecting in part the expiration of the payroll tax holiday and the acceleration of income from 2013 into 2012.