State Budget Revenues Looking Better Than Initially Projected
Sacramento, CA — Tax revenues are coming in higher than original estimates according to a new report released by California Controller Malia Cohen.
California’s budget year runs through June 30. Tax receipts through February have beaten projections by $4.2 billion, or 3%. Also, fiscal year expenditures have come in $3.5 billion lower than estimates, or 2.3%.
However, Cohen points out, “While better than expected revenues and our strong cash position are welcome news, California faces economic uncertainty and potential budget impacts from the ongoing Los Angeles County wildfire recovery and rebuilding efforts.”
Breaking down the latest numbers further, personal income tax receipts were $3.1 billion above the Governor’s projections (4%), corporation collections were $15.7 million higher (0.1%), and retail sales tax receipts were $362 million below projections (-1.6%).
