LOS ANGELES — California tax revenue came in $217 million below the expected $24.8 billion for the first three months of fiscal 2017 , according to a California Department of Finance release.
For September, the state missed the $10.4 billion budget forecast by $32 million according to the finance department's monthly report, issued Friday.
California's personal income tax receipts beat September projections by $124 million helping to alleviate shortfalls in other categories.
The finance department's release is contrary to the trend in figures releases several days earlier by the state controller's office.
State Controller Betty Yee's office had reported that September revenues had outpaced expectations for a second consecutive month.
Yee noted in her report that personal income taxes, which represent the largest portion of general fund receipts, are beating projections – also mirrored in the DOF report. "Three months into the new fiscal year, California has collected total PIT receipts of almost $16.32 billion, topping estimates by $177.8 million—a difference of 1.1%," according to the controller.
The Finance Department said sales and use tax receipts and corporation tax revenues missed projections in September. Sales and use tax receipts came in $70 million below the month's forecast of $2.03 billion, bringing those year-to-date revenues $221 million below forecast for the first quarter of the fiscal year. Corporation tax revenues were $181 million below the month's forecast of $1.2 billion and year-to-date revenues are $281 million below forecast.
Corporation taxes surge when quarterly payments arrive in March, June, September, and December, according to the controller's office.
The state ended the month of September with unused borrowable resources of more than $28.51 billion, which was $2.02 billion more than predicted in the 2016-17 Budget Act, according to the controller's release. Outstanding loans of just under $10.53 billion were $50.4 million less than projected. This loan balance consists of borrowing from the state's internal special funds.
