State Tax Revenues Beat Monthly Projections
Sacramento, CA — After lagging behind projections during the first four months of the fiscal year, California’s tax revenues have now beat initial budget estimates the past two months.
State Controller Betty Yee reports that California revenues in September ($10.57-billion) beat projections by 1.5% ($151.6-million). However, for the year to date fiscal year, which began July 1st, overall revenue ($24.55-billion) is below budget estimates by 0.1%.
Breaking it down by revenue sources, year to date, personal income tax dollars have beat estimates, while corporate income taxes and retail taxes have been below estimates. The figures are a snapshot of California’s fiscal health, and the end of year total will determine whether California has a surplus, or will need to make spending cuts.