LOS ANGELES — California's first-quarter revenues came in $744 million higher than the $22.5 billion anticipated, according to the state Department of Finance.
Preliminary general fund agency cash in September also exceeded expectations coming in at $217 million above the 2015-16 Budget Act forecast of $9.5 billion.
The boost was provided by income tax revenues, which exceeded first quarter expectations by $648 million. For September, that category was up $486 million.
While insurance tax revenues were up $12 million for the first quarter, that category was down $37 million for September.
Year-to-date retail sales and use tax receipts and corporation tax revenues fell below expectations by $7 million and $143 million, respectively. For September, sales and use taxes were $63 billion below an anticipated $1.97 billion and corporation tax revenues were $104 million below the month’s forecast of $101 million.
In general economic activity, the state posted a 6.1% unemployment rate in August, 1% higher than the nation’s. The state added 36,300 nonfarm jobs in August compared to a 80,400 gain in July.
Residential construction permits grew 19.2% to 90,000 units, but August sales of existing single-family homes dropped 3.8% from July, but were up 9.3% from August 2014 to 431,800 homes.
