TAHOMA, Calif. – California revenues are well ahead of projections for the year, leading to speculation about how the extra money will be spent as Gov. Jerry Brown prepares to release his revised budget.
State Controller John Chiang’s early estimates have state personal income taxes more than $4.6 billion ahead of the budget forecasts through April, which is typically the biggest month for tax collections. The nonpartisan Legislative Analyst Office has said the initial tally of personal income tax receipts – the biggest portion of revenues - is about $4.5 billion over the year-to-date projections. For the fiscal year through March, state revenues were $4.7 billion higher than in Brown’s budget estimates, according to the controller.