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		Home Page Mortgage News You Can Use Calif. misses Jan. tax revenue target by $626 mln Fri February 13, 2004 07:45 PM ET SAN FRANCISCO, Feb 13 (Reuters) - California's January tax revenue fell more than $600 million below the level Gov. Arnold Schwarzenegger forecast in his budget plan, the state's finance department said on Friday. The shortfall largely reflects retailers missing the Jan. 31 deadline for submitting their final fourth-quarter sales taxes, said H.D. Palmer, a spokesman for California's finance department. "It looks worse than it is," Palmer said. "Is the economy going off a cliff? The answer is no." "It's an issue of timing. Payments due by the end of January didn't come through the door until the first week of February," Palmer said. "We don't believe this reflects any underlying weakness or erosion in the state's economy." Most of January's shortfall will be made up this month as retailers report their final fourth-quarter sales taxes late, Palmer said, citing sales tax collections since Feb. 1. California's finance department reported January sales and use-tax receipts of $1.698 billon, 21 percent below a forecast of $2.155 billion. Overall state tax revenues in January totaled $7.236 billion, eight percent below the $7.862 billion that Schwarzenegger's 2004-05 budget plan had forecast. Schwarzenegger expects an improving state economy to provide rising tax revenue for California's financially troubled state government to narrow its budget gap. He also plans to cut state spending, transfer local taxes to state coffers and is promoting a $15 billion bond on the state's March ballot to raise cash to pay state debt and provide for state operations.   Back to Original Article: News You Can Use   Continue with: U.S. business loans fell in Feb. 4 wk-Fed
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