LOS ANGELES — California revenues for November topped projections in the governor's 2016-17 budget by 7.5%, according to the state controller's monthly
The state collected revenues of nearly $8 billion, $559.9 million more than projections, said State Controller Betty Yee's report.
The robust monthly revenues apparently made up for several months of missed projections as year-to-date totals for the fiscal year now surpass projections by 0.5% at a total of nearly $38.87 billion.
The biggest gain came from the 14% jump in personal income tax receipts for the month. Receipts came in $599.7 million higher than projections at $4.55 billion. Five months into the new fiscal year, California has collected total PIT receipts of $26 billion surpassing estimates by $560.7 million.
The large gain in personal tax receipts made up for corporation tax collections and retail sales and use tax receipts, both of which missed projections for both the month and the first five months of the year.
Gross corporation tax collections of $294.6 million for November beat projections by $53.6 million, but corporation tax refunds of $399.7 million were also $110.7 million higher than expected. As a result, corporation tax receipts for November came in $105.1 million less than anticipated.
For the first five months of the fiscal year, total corporation tax receipts of $1.46 billion are $318.2 million lower than anticipated in the 2016-17 Budget Act, 17.9% below projections.
Retail sales and use tax receipts of $3.10 billion for November missed expectations by $73.4 million. For the fiscal year-to-date, sales tax receipts of $9.92 billion are $238.3 million below estimates. For both the month and the fiscal year-to-date, sales tax receipts are 2.3% shy of budget projections.
The state ended the month of November with unused borrowable resources of just under $22.96 billion, which was $2.40 billion more than predicted in the 2016-17 Budget Act. Outstanding loans of $16.23 billion were $708.2 million lower than projected. This loan balance consists of borrowing from the state's internal special funds.
