General fund revenue for February came in below projections, California Controller John Chiang reported Monday.
“Our receipts were relatively close to the governor’s latest budget estimates, but many sources of revenue continue to show signs of weakness,” Chiang said in a news release announcing the monthly cash report. “Retail sales and corporate taxes came in below estimates, and while February’s income tax payments were up, the majority of those taxes will be collected in later months.”
February general fund revenue came in $82 million, or 1.5%, below the estimates in Gov. Arnold Schwarzenegger’s 2009 budget proposal, which contains the state’s most up-to-date revenue projections.