LOS ANGELES — California remains $664 million ahead of revenue projections for the first five months of fiscal 2016 even though cash for November was a half billion shy of expectations, according to the Department of Finance monthly cash report.
The lowered numbers for November resulted from a $300 million settlement payment that was received in August instead of November, according to the report. The payment was a settlement between the California Public Utilities Commission and Pacific Gas & Electric Co. over a 2010 pipeline explosion in San Bruno.
Personal income tax revenues were $103 million above the month's forecasts, but sales and use tax receipts were $267 million below the month's forecast of $2.65 billion. Corporation tax revenues were also $55 million below the month's forecast of $45 million.
Other economic indicators for the state were stable. The state has continued to add jobs at roughly 3% on a year-over-year basis, while U.S. growth has averaged around 2.1% in 2015, according to the DOF. The unemployment rate has dropped to 5.8% in October, the lowest level since October 2007, and just above the U.S. rate of 5% for the month.
The state has demonstrated uneven activity in residential permits in 2015, but the average of 99,000 units in October was 16.8% higher than the same period in 2014. Median home prices increased by 5.7% to $475,990 and the sales volume increased 1.3% to 403,510 units in October, compared to the same period a year earlier.
The DOF's report is an agency cash report, so the numbers often differ from the state controller's report to the extent that cash received by agencies has not yet been reported to the controller's office.