The state Department of Finance monthly report shows California’s personal income strong growth in the first half of 2014, with growth of 5 percent compared with the first half of 2013. The labor market had broad-based gains, though the unemployment rate remained at 7.4 percent. Home prices continue to increase.
Preliminary General Fund agency cash for September was $260 million above the 2014-15 Budget Act forecast of $9.025 billion. Year-to-date revenues are $324 million above the expected $21.318 billion.
http://www.dof.ca.gov/finance_bulletins/2014/october/
The LAO’s annual California Spending Plan publication details the 2014-15 budget package, including legislative and gubernatorial actions through October 2014.
The spending plan includes large funding increases for schools and community colleges, makes targeted augmentations in other areas of the budget, and pays down several billion dollars in key liabilities. In particular, the budget package includes a plan to fully fund the teachers’ pension system within about 30 years.