LOS ANGELES — The California state government's revenues for January fell short of projections in Gov. Jerry Brown's budget proposal by $239.8 million after several months of exceeding expectations.
Even with the January dip, revenues are $4.1 billion higher for fiscal 2015-16 than in the previous fiscal year, according to State Controller Betty Yee's monthly cash report.
January's revenues were not only lower than what Brown anticipated in his January budget proposal, they were also lower than the projections used when the fiscal 2015-16 budget was passed in July.
The prior
Brown's budget proposals released a month ago forecast that January revenues would come in around $13.24 billion, but the actual numbers were roughly $13 billion.
This month's revenues came in $354 million less than anticipated in last July's budget report.
"The governor has emphasized the need to be alert to changes in the state's fiscal fortunes," Yee said. "While one month of faltering revenues does not make a trend, I will continue to closely monitor the state's cash position."
Both personal income tax and retail sales and use taxes failed to meet expectations.
The corporation tax brought in $362.6 million, 81.1% more than expected, which the controller's office said was due to fewer refunds than expected. Personal income tax receipts of $11.7 billion fell short by 2.5%, while sales tax revenue of $738 million was 15.2% less than anticipated.
The total for the first seven months of the fiscal year still surpasses projections from last summer by $530.8 million, or 0.8%.
Revenues have surpassed expectations in every month except September since the budget passed in July.
