LOS ANGELES — California revenues for October missed projections in the 2015-17 budget by 5%, coming in at $6.34 billion, according to State Controller Betty Yee.
Yee's monthly
The fiscal year-to-date total of $30.89 billion in revenues is now 1.1% below estimates resulting mainly from shortfalls in corporation and retail sales and use taxes. But personal income tax receipts, which held steady in the prior three months of the fiscal year, were down in October.
Personal income tax receipts for the month of $5.13 billion fell short of budget projections by $176.7 million, or 3.3%. For the first four months of the year, PIT receipts topped estimates by $1.1 million coming in at $21.45 billion.
Corporation taxes came in $4.2 million higher than anticipated at $240.3 million, but are off by 14.3% for the fiscal year. Total corporation tax receipts of $1.56 billion are $261.3 million less than predicted in the 2016-17 Budget Act for the first four months of the fiscal year.
Retail sales and use tax receipts of $882.7 million missed expectations by $139.1 million, a shortfall of 13.6%. For the fiscal year-to-date, sales tax receipts of nearly $6.82 billion are $164.9 million under estimates, or 2.4%.
The state ended the month of October with unused borrowable resources of nearly $22.48 billion, which was $2.11 billion more than predicted in the 2016-17 Budget Act. Outstanding loans of $15.74 billion were $253.9 million more than projected. This loan balance consists of borrowing from the state's internal special funds.
