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Controller reports revenue gains in six‑month update; committee files report, continues budget items
Summary
The controller—s six‑month report showed stronger-than-expected transfer tax and a roughly $36 million net departmental surplus driven by higher Medi‑Cal reimbursements at DPH; the committee filed the six‑month report and continued other budget items to a later date without objection.
The Budget and Finance Committee on March 13 received the controller—s six‑month status report showing stronger revenue receipts so far in the fiscal year and approved procedural actions to file the report and continue other budget items.
Michelle from the Controller—s Office told the committee the six‑month update reduced the January two‑year shortfall projection by about $70 million, largely driven by stronger property transfer tax receipts and higher Medi‑Cal reimbursement rates at the Department of Public Health. "Most recent news is really all in real property transfer tax, better by a…
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