Finance Bulletin

March 2004

Economic Update

For some time, California's employment picture has conflicted with other positive economic signs. Throughout 2003, the official employment estimates deteriorated in the face of a booming real estate market, strong residential construction, and rising income tax withholding. Recent revisions to 2003 employment estimates, however, bring the employment picture more into line with these other signs and indicate that labor market conditions may have improved during the latter half of 2003.

Industry Gains and Losses

Monthly Cash Report

Preliminary General Fund agency cash for February was $252 million above the 2004-05 Governor's Budget forecast of $3.836 billion. Year-to-date, revenues are $623 million lower than the $47.296 billion that was expected.

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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