Sacramento, CA – Revenues for the month of March beat the Governor’s proposed budget estimates for the General Fund by $547 million.
One big reason for the increased revenue was the jump in personal income tax figures, which toppled projections by $498 million. State Controller Betty Yee’s break downs that number, citing that $400 million came from workers’ paychecks and $42 million came from higher than forecasted tax payments.
Also surpassing estimates were corporation tax revenues, which had a spike of $77 million in March. Falling short of expectations was the retail sales and use tax, coming in $96 million below what was anticipated. Overall, the month’s receipts totaled $6.9 billion, 8.6 percent higher than originally calculated.
General Fund receipts collected for the fiscal year to date are nearly $75 billion, which is about 2.1% above estimates. Additionally, personal income tax, retail sales tax, and corporation tax, the state’s three major revenue sources, were greater than projected, so far, for the fiscal year.