State Controller Betty T. Yee reported today.Overall, total revenues of $7.40 billion outstripped projections in the proposed budget released in January by 3 percent. Corporation tax revenues of $1.71 billion were $47.5 million, or 2.9 percent, higher than expected. Sales tax revenues of $1.79 billion beat expectations by $36.0 million, or 2.0 percent. Only the personal income tax, which has normally surpassed projections in the past few years, came up short. Revenues of $3.49 billion were $31.2 million, or 0.9 percent, less than expected.
Through the first nine months of the fiscal year, revenues of $78.37 billion are $512.5 million, or 0.7 percent, more than expected in the governor’s proposed budget. The personal income tax and the corporation tax are both beating projections, by 0.1 percent and 7.4 percent, respectively. The sales tax, meanwhile, is lagging by 0.9 percent for the fiscal year to date.
Compared to projections when this year’s budget was signed last summer, revenues for the first nine months of the fiscal year are $2.26 billion higher than expected, with both the corporation tax and the personal income tax exceeding estimates. Compared to the prior fiscal year, revenues to date are higher by $5.20 billion, or 7.1 percent.
The state ended the month of March with unused borrowable resources of $19.63 billion, which was $2.60 billion more than expected in the governor’s proposed budget. Outstanding loans of $14.34 billion were about $200.0 million less than projected. This loan balance consists of borrowing from the state’s internal special funds.
For more details, read the monthly cash report.
Source: California State Controller
