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.

Pedestrians walk past the California State Capitol building in Sacramento, California, U.S.
Pedestrians walk past the California State Capitol building in Sacramento, California, U.S. Photographer: David Paul Morris/Bloomberg

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.

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