Finance Bulletin

November 2003

Economic Update

Although California added more industry jobs in October than during any month since December 2000, much of the gain came from increased hiring in anticipation of the walkout of 70,000 Southern California grocery workers.  The monthly labor survey for October did not reflect the strike but November’s will, presaging a softer employment picture next month. 

Home Building Moderates During 2003

Monthly Cash Report

Year-to-date, revenues are $728 million above forecast.  Excluding the “other revenues” category, which includes the tobacco bond revenues, agency cash is $67 million above forecast for the month and $585 million above forecast year-to-date.  In total, General Fund agency cash for October was $1.924 billion below the 2003 Budget Act forecast of $6.602 billion.  However, this is a cash flow loss only, due to the fact that $2.264 billion in tobacco bond revenues were received at the end of September, rather than in October.

General Fund Agency Cash
2003-04 Governor's Budget Act Forecast

2003-04 Comparison of Actual and Forecast 
Agency General Fund Revenues

For more information, please contact the California Department of Finance,
Room 1145, State Capitol, Sacramento, CA or call (916) 323-0648.

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