LOS ANGELES — California revenues for August reached $8.9 billion, exceeding projections in the state budget by $343.7 million, according to the state controller's monthly cash report.

The state exceeded budget projections for the second month in a row, but that good news comes after several months of revenues missing projections.

"The positive August numbers put total fiscal year-to-date revenues at $14.99 billion, $532.5 million higher than projections in the state budget enacted in June," according to Controller Betty Yee's report.

California Controller Betty Yee said in monthly report that revenues spiked in August.
State Controller Betty Yee

Revenues for the first two months of the fiscal year were $1.01 billion higher than they were one year ago.

Led by personal income taxes, each of the “big three” revenue sources beat expectations. PIT receipts of $5.22 billion in August were $135.7 million higher than 2017-18 Budget Act estimates. For the current fiscal year, California collected total PIT receipts of $9.96 billion, $212.9 million more than anticipated in the 2017-18 Budget Act.

August corporation tax receipts of $95.2 million were $70.0 million, or 277.8%, more than anticipated in the budget. Fiscal year-to-date corporation tax receipts of $458.7 million are $88.9 million above 2017-18 Budget Act projections.

Retail sales and use tax receipts of $3.12 billion for August were $67.3 million, or 2.2%, above budget estimates. For the fiscal year to date, sales tax receipts of $4.02 billion are $151.9 million higher than expected.

Outstanding loans of $8.66 billion in August were $1.26 billion less than budget estimates. This loan balance consists of borrowing from the state’s internal special funds. Available borrowable resources in August exceeded projections by $3.82 billion. Compared to 2017-18 Budget Act forecasts, total disbursements were $890.7 million lower than expected.

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