California Controller John Chiang said August revenues came in 2.1% or $134.9 million above projections in the recently passed budget.
General fund revenues are now $403.8 million behind the budget’s estimates.
“We now look to September and its $7.6 billion of projected revenues — making it the largest cash month between now and Dec. 15, when a decision must be made on whether to pull the trigger to cut more program funding,” Chiang said in a Sept. 9 statement.
If revenue fails to line up as expected during the year, budget cuts will be triggered at various stages depending on the severity of the shortfall.
Chiang said July revenues were $538 million below projections in the budget that Gov. Jerry Brown signed at the end of June, which relied partly on upbeat revenue projections to fill a multibillion-dollar gap.
Brown signed the state’s $85.9 billion spending plan on the final day of the fiscal year.
Lawmakers, relying on the Democratic majority, passed a budget based on spending cuts along with $4 billion of future revenue to fill a $9.6 billion hole.
Finance officials say the bulk of the tax collections will come in from December through June.
The Legislative Analyst’s Office and the Department of Finance will produce new revenue forecasts for fiscal 2012 in November and December.
Income taxes were above budget projections by 4.1% or $127.4 million in August, sales taxes rose 0.3% or $8.6 million, and corporate taxes gained 51.4% or $46.7 million, according to the controller.
