Act that Governor Jerry Brown signed in June, off by $330.5 million or 5.0 percent, State Controller Betty T. Yee reported today. The fiscal year-to-date total of $30.89 billion in revenues is now 1.1 percent below estimates.
October personal income tax (PIT) receipts of more than $5.13 billion fell short of budget projections by $176.7 million, or 3.3 percent. Four months into the new fiscal year, California has collected total PIT receipts of more than $21.45 billion, topping estimates by just $1.1 million.
Corporation taxes came in at $240.3 million for October, which was $4.2 million higher than anticipated. For the first four months of the fiscal year, total corporation tax receipts of $1.56 billion are $261.3 million less than predicted in the 2016-17 Budget Act—a shortfall of 14.3 percent.
Retail sales and use tax receipts of $882.7 million missed expectations by $139.1 million, a shortfall of 13.6 percent. For the fiscal year-to-date, sales tax receipts of nearly $6.82 billion are $164.9 million under estimates, or 2.4 percent.
The state ended the month of October with unused borrowable resources of nearly $22.48 billion, which was $2.11 billion more than predicted in the 2016-17 Budget Act. Outstanding loans of $15.74 billion were $253.9 million more than projected. This loan balance consists of borrowing from the state’s internal special funds.
For more details, read the monthly cash report.
Source: State Controller Betty T. Yee
