California year-to-date revenues beat forecast by $13.8 billion
The California Department of Finance had some good news for lawmakers grappling with the impacts of the COVID-19 pandemic.
The state is besting the revenue forecasts from the delayed August fiscal year 2020-21 budget forecast, the DOF reported.
November revenues came in $2.4 billion above the budget act forecast; for fiscal year to date, they're up $13.8 billion, according to DOF Director Keely Bosler’s monthly revenue report for December.
The preliminary cash receipts for the first five months of the fiscal year were $13.8 billion above the 2020-21 budget act forecast of $60.7 billion, according to Bosler’s report.
For the month, cash receipts were $2.4 billion above the $8 billion anticipated for November in the state budget.
General fund agency receipts for the entire 2019-20 fiscal year came in $1.1 billion above what was expected in the 2020-21 budget.
Revenues grew by 0.4% in fiscal 2019-20, down significantly from the 5.7% revenue growth the state has experienced over the last ten years, according to the report.
The state’s three largest sources of general fund revenues — personal income tax, sales and use tax and corporation tax — all beat expectations in the 2020-21 budget forecast for the first five months of fiscal year 2020-21.
Personal income tax cash receipts came in $10.3 billion above forecast; sales and tax cash receipts came in $3 billion ahead; and corporation tax receipts were $714 ahead of the forecast for the first five months of fiscal 2021.