LOS ANGELES — California revenues beat expectations for the first three months of the fiscal year by $666 million, according to the California Department of Finance monthly cash report.

General fund agency cash for September was $190 million above the 2017-18 Budget Act forecast of $10.6 billion while year-to-date revenues were $666 million above the $25.2 billion anticipated, according to the report.

Pedestrians walk past the California State Capitol building in Sacramento, California, U.S.
California state tax revenue is ahead of budget projections for the first quarter of fiscal 2018. Bloomberg News

Personal income tax revenues were $9 million above the month’s forecast of $7.6 billion. Withholding receipts were $75 million above the forecast of $4.7 billion. Other receipts were $38 million lower than the forecast of $3.4 billion. Refunds issued in September were $29 million above the forecasted $284 million.

Proposition 63 requires that 1.76% of total monthly personal income tax collections be transferred to the Mental Health Services Fund. The amount transferred to the MHSF in September was equal to the expected $137 million.

Year-to-date general fund revenues are $152 million above forecast. Sales and use tax receipts were $5 million above the month’s forecast of $1.9 billion. September represents the second prepayment for third quarter taxable sales. Year-to-date revenues are $247 million above forecast.

Corporation tax revenues were $125 million above the month’s forecast of $931 million. Prepayments were $36 million above the forecast of $957 million and other payments were $101 million higher than the $124 million forecast. Total refunds for the month were $12 million higher than the forecast of $149 million. Year-to-date revenues are $214 million above forecast.

California’s personal income grew by 3.4% in the second quarter after growing 4.1% in the first quarter on a year-over-year basis. That's ahead of the 2.9% growth rate for U.S. personal income.

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