The final revenue tally for the fiscal year was $119.2 billion, according to the DOF's
Revenue for June, the final month of the year, came in $788 million below the month's forecast.
Receipts of just over $16.07 billion failed to match the $16.85 billion in the 2016-17 Budget Act forecast.
Personal income tax revenues to the General Fund were $898 million below the month's forecast, while sales and use taxes came in $126 million shy of the projection. Corporate tax revenues only partially offset these weak showings, coming in $157 million above the forecast.
California's unemployment rate dropped by 0.1% to 5.2% in May—the lowest it has been in nine years, the DOF said. However, the labor force also fell by 9,700 in May, the agency added, ending 30 straight months of labor force growth.
