Wednesday, February 10, 2010

D.C. Closed Again on Thursday, California Tax Receipts Increase

by Bill McBride on 2/10/2010 08:46:00 PM

The Federal Government office in D.C. will be closed again Thursday, from the WaPo: Federal government shutdown extends to Thursday

Federal agencies across the nation's capital will close Thursday for a fourth straight day -- taking the week-long shutdown of the government into uncharted territory.
The Retail Sales (January) and Manufacturing and Trade Inventories and Sales (December) reports are still expected to be released Friday morning.

And a little good budget news from California:
State Controller John Chiang today released his monthly report covering California’s cash balance, receipts and disbursements in January. The month’s receipts rose above the Governor’s 2010-11 budget estimates by $1.28 billion, or 18.6%.

“The positive receipts are welcome news, but the State cannot be lulled into a false sense of security,” said Chiang. “Our cash position falls below safe levels this Spring, and goes into the red this Summer. Our chronic budget shortfalls require credible and sustainable fixes in order to protect taxpayers, local governments, and state funded programs.”
...
Year-to-date receipts are ahead of budget estimates by $459 million, or 1%, but state payments also went out faster than expected. Disbursements through January 31 were $586 million ahead of projections.
At least the situation is not getting worse.