LOS ANGELES — California revenue beat Governor Jerry Brown's latest estimate by 10% in June, State Controller John Chiang said in a monthly report on the state's cash balance, receipts and disbursements. Total revenues for June equaled $13.1 billion, exceeding the governor's May revision estimate by $1.2 billion. Total revenues for the fiscal year ending June 30 were $100.1 billion, topping estimates by $2.0 billion. "Rising employment, economic expansion and voter-approved tax increases have generated revenues outperforming even the rosiest of projections," said Chiang. "However, California's history of boom or bust revenue cycles should be a cautionary tale that informs our spending decisions and incentivizes policymakers to prudently pay down accumulated debt."
Brown recently signed a $97.4 general fund budget. The budget bill passed with little acrimony between state legislators and the governor's office this year.