California Revenues Lower than Expectations

LOS ANGELES — The California Department of Finance said the state government's revenues for January fell short of projections contained in Gov. Jerry Brown's budget proposal by $148 million.

This is the first time in several months that state revenues have not surpassed expectations.

The budget proposal released a month ago forecast that January revenues would come in around $13.17 billion, but the actual numbers were roughly $13 billion.

Both personal income tax and retail sales and use taxes failed to meet expectations. Personal income tax revenues were $172 million below the month's forecast of $10.6 billion. Sales and use taxes were $222 million below the month's forecast of $2.2 billion. But corporation tax revenues came in $203 million above the month's forecast of $200 million.