Controller John Chiang released his latest monthly report on the state’s cash position, and the news again was not positive.
“During tough fiscal times it is critical that we carefully review and track incoming revenues,” Chiang said in a news release. “Here we see that a drop in personal income tax caused January’s receipts to miss the latest projections, which only highlights the need to pursue real budget reform in California.”
Actual general fund revenue in January was $171 million — or 1.7% — short of estimates found in Gov. Arnold Schwarzenneger’s fiscal 2009 budget proposal, which was released in early January.
Personal income tax totals missed estimates by $231 million, or 2.7%. Sales tax receipts were down $8 million, or 0.8%. Corporate taxes were up by $47 million, or 15.4%.