California’s June revenues came in 5.6%, or $622 million, above the forecast in the enacted budget, according to the Department of Finance.
The state’s general fund cash is now $540 million above the budget’s year-to-date estimate of $83.6 billion, the report released Wednesday said.
Personal income taxes, which rose more than 8% during the period to $548 million above budget projections, helped drive the unexpected growth.
Last week, Controller John Chiang said in a report that the state ended the fiscal year with a $1.4 billion shortfall that was $1 billion less than expected.
The controller said the government ended fiscal 2012 on June 30 with $87.8 billion in receipts and $89.2 billion in disbursements, a narrower gap than expected partly due to $606 million less in spending than estimated in Gov. Jerry Brown’s May budget proposal.