California revenues beat budget forecast
LOS ANGELES — California revenues surpassed expectations for the first quarter of fiscal 2019, coming in 5.2% above projections.
Revenues of $28.7 billion for the first quarter are $1.4 billion higher than projected in the budget enacted at the end of June, according to Controller Betty Yee’s monthly cash report.
Total revenues for fiscal 209, so far are $2.8 billion higher than first quarter last year.
Revenues for the month of September also exceeded expectations coming in $582.4 million higher than anticipated at $12.1 billion.
All of the “big three” revenue sources — personal income tax (PIT), corporation tax, and sales tax — came in higher than expected in September, according to the controller's office.
September PIT receipts of $8.44 billion were $297.4 million higher than anticipated, corporation taxes of $1.30 billion were $130.9 million above estimates, and sales tax receipts of $2 billion for September were $191.9 million more than anticipated.
The controller’s report reflects the state’s general fund cash position, and compares actual receipts and disbursements for the 2018-19 fiscal year to cash flow estimates prepared by the Department of Finance for the 2018-19 Budget Act.