LOS ANGELES — California reported $7.4 billion of revenue in March, outstripping projections in the proposed budget released in January by 3%.
“March state revenues surpassed estimates in Gov. Jerry Brown’s proposed 2016-17 budget by $218.6 million, with both the corporation tax and the retail sales and use tax beating expectations,” State Controller Betty T. Yee reported today in her
Revenues for the first nine months of the fiscal year are $2.26 billion higher than was projected when this year’s budget was signed last summer, with both the corporation tax and the personal income tax exceeding estimates. Revenues for the year to date have risen by $5.20 billion, or 7.1%, over a year earlier.
Corporation tax revenues of $1.71 billion were $47.5 million, or 2.9%, higher than expected. Sales tax revenues of $1.79 billion beat expectations by $36 million, or 2%.
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%, less than expected.
Through the first nine months of the fiscal year, revenues totaled $78.37 billion, or 0.7% more than projected in the governor’s proposed budget. The personal income tax and the corporation tax are both beating projections, by 0.1% and 7.4%, respectively. The sales tax, meanwhile, is lagging by 0.9% for the fiscal year to date.
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.
