LOS ANGELES — After dipping in January, California state government’s revenues returned in February to a pattern of beating budget projections.
February revenues exceeded projections in this year’s proposed budget by $439.1 million or 6.8%, coming in at $6.85 billion, according to State Controller Betty Yee’s monthly cash report.
Revenues for January fell short of projections in Gov. Jerry Brown’s budget proposal by $239.8 million.
Yee reiterated her mantra that the state should build reserves even when revenues are strong to be prepared for times when they are not.
Total revenues year-to-date surpassed projections made last summer by $1.38 billion or 2%.
Revenues for fiscal 2015-16 are also coming in ahead of projections made in Brown’s January budget proposal for 2016-17 by $293.8 million.
Compared to the 2014-15 fiscal year, revenues are higher by $4.61 billion, or 6.9%.
For February, personal income tax revenues of $2.88 billion beat estimates by $304.7 million, or 11.8%, while corporation tax revenues of $189.5 million were more than 10 times what was expected. For the second month in a row, corporation tax refunds were lower than expected, increasing overall collections.
Retail sales and use tax fell short of expectations by only 1%, coming in at $3.66 billion, or $37.6 million shy of projections.