LOS ANGELES — California revenues continued to miss the mark in June, coming in 2.5% below projections outlined in last year’s budget.
Revenues were only slightly off projections outlined in the budget for the fiscal 2017-18 budget passed recently.
Total revenues came in at $16.6 billion for June, according to State Controller Betty Yee’s monthly cash report.
For the fiscal year that ended June 30, total revenues of $121.91 billion missed estimates in Gov. Jerry Brown's recent May budget revisions by $295.7 million, or 0.2%. The fiscal year total was $2.68 billion lower than anticipated in the 2016-17 budget signed last summer, with all of the “big three” revenue sources missing the mark.
For June, personal income tax receipts of $10.94 billion were $161 million, or 1.5%, shy of May estimates. June corporation tax receipts of $2.42 billion were $344.4 million lower than anticipated in the May revision, or 12.5%. Retail sales and use tax receipts of $2.32 billion for June were $57.2 million, or 2.5% higher, than May estimates.
For the fiscal year, PIT receipts of $82.7 billion were $1.05 billion lower than projections in the fiscal year 2016-17 Budget Act, but lagged May estimates by just $196.3 million, or 0.2 percent.
The fiscal year total of $10.1 billion in corporation taxes was $885.6 million lower than fiscal year 2016-17 Budget Act projections and $283.1 million less than expected in the May Revision.
For fiscal year 2016-17, total sales tax receipts of $24.71 billion missed the original Budget Act projections by $1.03 billion; they topped May Revision assumptions by $126.7 million, or 0.5 percent.
California has not pursued external borrowing since FY 2014-15. The state ended last fiscal year with unused borrowable resources of $36.98 billion, which was $3.99 billion more than predicted in the May budget revision. Outstanding loans of $4.84 billion were $1.64 billion lower than the Department of Finance’s May estimates. This loan balance consists of borrowing from the state’s internal special funds.