LOS ANGELES— California revenues for January beat projections in the governor's proposed 2017-18 budget by $844.4 million, but year-to-date revenues still missed the mark.
While January revenues of $15 billion beat projections by 6.2%, total revenues of $66.76 billion for the first seven months of the fiscal year that began in July are $395.2 million below last summer's budget estimates and $115.5 million below January's revised fiscal year-to-date projections, according to Controller Betty Yee's monthly
In December, the three largest sources of California revenue – personal income taxes, corporation taxes, and retail sales and use taxes — all missed projections, but in January, all three beat expectations.
California revenues missed projections in December by nearly $2 billion compared to projections in the state's 2016-17 budget.
In January, personal income taxes of $13.27 billion beat projections by $237.2 million or 1.8%, but it was corporate tax and retail sales and use tax receipts that made the most significant difference.
Corporation taxes for the month came in at $420.5 million nearly double the anticipated $213.8 million projected in the proposed 2017-18 budget and retail sales and tax receipts came in at $1.17 billion beating expectations by $376.8 million.
Year-to-date, PIT receipts of $47.85 billion are 1% less than anticipated in the revised projections. Corporation tax receipts beat projections by 6.1% or $211.5 million. Retail sales and use tax receipts at $13.2 billion are 0.7% or $96.7 million above the revised estimates released in January.
The state ended January with unused borrowable resources of $28.4 billion, which was $3.8 billion more than predicted in the governor's proposed budget.
