California's October revenues miss projections
California tax revenues missed projections for October by $412.2 million, marking the first time in months that the state has fallen short, according to State Controller Betty Yee’s monthly report.
The state received $6.57 billion in revenue in October, falling short of assumptions in the 2018-19 fiscal year budget by 5.9%.
Even with revenues off for the month, state revenues for the first four months of fiscal year 2018-19 of $35.3 billion are still 3% higher than anticipated in the fiscal year budget, coming in at $1.02 billion over projections in the budget enacted at the end of June.
Total revenues for the fiscal year are 8.1% ($2.63 billion) higher than the first four months of fiscal year 2017-18.
This month, sales tax was the only major revenue source to come in higher than projected in the enacted budget. Personal income tax and corporation tax, the two other revenue sources in the “big three,” were lower than assumed in the enacted budget.
Sales tax receipts of $1.03 billion for October were 8.2 percent ($77.9 million) more than anticipated in the FY 2018-19 budget.
For October, personal income tax receipts of $5.13 billion were 8.4% ($472.0 million) less than expected in the FY 2018-19 Budget Act. October corporation taxes of $254.8 million were 10.9% ($31.1 million) below FY 2018-19 Budget Act estimates.