California revenues surpassed expectations in August – coming in $1.14 billion higher than anticipated in the fiscal 2018-19 budget, according to the state controller’s office.
Total revenues of $9.98 billion for August came in 12.9% more than expected, according to Controller Betty Yee's monthly cash r
For the first two months of the 2018-19 fiscal year, revenues are $846.0 million, or 5.4%, higher than projected in the enacted budget, Yee said.
While corporation tax missed the mark for the month of August, personal income tax (PIT) and sales tax – the other two of the “big three” revenue sources – came in higher than assumed in the enacted budget.
For August, PIT receipts of $5.94 billion were $440.3 million, or 8.0%, more than expected.
August corporation taxes of $92.3 million were $74.9 million, or 44.8%, below 2018-19 Budget Act estimates.
Sales tax receipts of $3.50 billion for August were $766.4 million, or 28%, more than anticipated in the FY 2018-19 budget. Most of the variance was due to when the money was recorded.
