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California’s Tax Revenue Beats Projections

Sonora, CA — Revenues collected by the State of California during the month of February beat budget projections by $439-million.

Notably the personal income tax and corporation tax revenues exceeded the forecasts. State Controller Betty Yee says, “It is encouraging to see that revenues remain strong. At the same time, we must be prudent in setting aside money during the good times to bolster our fiscal position for the inevitable next downturn.”

Yee reports that total revenues of $6.85-billion in February surpassed projections by 6.8%. That said, retail sales and use taxes underperformed, falling short by $37.6-million.

The fiscal year runs from July 1st through June 30th. Year-to-date revenues are now beating estimates by $1.38-billion,  or 2%.