Sacramento, CA – California’s November revenues of nearly $7.98 billion for November topped the 2016-17 budget projections by $556.9 million, or 7.5%, according to State Controller Betty T. Yee.
The November personal income tax receipts of $4.55 billion outpaced budget projections by 14%. It was a mixed bag regarding Gross corporation tax collections for November that beat projections by $53.6 million. However, corporation tax refunds of $399.7 million were $110.7 million higher than expected. In total, corporation tax receipts for November were in the red by $105.1 million. Last month retail sales and use tax receipts missed expectations by $73.4 million. For both the month and the fiscal year-to-date, sales tax receipts are 2.3 percent shy of budget projections.
The fiscal year-to-date is around $38.87 billion in revenues, which is 0.5% above estimates. The figures added up with the state ending November with unused borrowable resources of just under $22.96 billion, which was $2.40 billion more than predicted in the budget Act. $16.23 billion in outstanding loans, borrowed from the state’s internal special funds, were $708.2 million lower than projected.