More tax money for Sacramento

Good news is that receipts for September were 15.3 percent above estimates last May. That covers corporate taxes, personal income taxes, and sales taxes. Bad news is that the state has to start paying out $8.3-billion in payments owed since July 1, when the budget year began. That's way more than is available, so California will need to go to the public market to borrow up to $10 billion. At least there won't be any IOUs this year. Here's the Controller's report.