LOS ANGELES — California brought in $6.4 billion of revenue in October, 5.7% higher than October 2014, according to the state controller's monthly cash report.
Revenues for the first fourth months of the fiscal year, at $29.8 billion, are also 7.1% higher than last year, according to Controller Betty Yee.
The state continued the trend of beating budget estimates for the month thanks to a boost from personal income taxes.
Personal income tax revenues came in at $5.1 billion to exceed state budget projections for the 2014-15 budget passed by $234.5 million, or 4.8%, according to Yee's Nov. 10 report.
Those numbers helped to offset missed targets from the state's other two largest sources of revenue.
Corporation taxes missed estimates by 33.5% bringing in $89.8 million less than anticipated. Sales tax revenues were off by a slim 0.2% bringing in $935 million, which was $2 million less than projected.
For the fiscal year that started July 1, state revenues are $542.9 million, or 1.9%, greater than estimated, with strong collections from the personal income tax erasing shortfalls in the sales and corporation taxes, according to the controller's office.
Personal income tax revenues at $840.7 million are 4.3% above expectations for the fiscal year so far. Retail sales and use taxes have fallen short by $381.1 million, or 5.5%, while the corporation tax to date has brought in $190.4 million, or 11.5% less than expected.
