State Revenues Match Estimates
Tuesday, October 18, 2016
California revenues of more than $10.57 billion for September beat projections in the 2016-17 Budget Act Governor Jerry Brown signed in June by $151.6 million, or 1.5 percent according to State Controller Betty T. Yee. Total revenues have outpaced expectations for two straight months after four months of shortfalls. The fiscal year-to-date total of $24.55 billion in revenues is now just 0.1 percent below estimates.
Personal income tax (PIT) continues to represent the largest portion of General Fund receipts and topped estimates by $177.8 million, a difference of 1.1 percent.
Corporation taxes came in at just over $1.02 billion for September, which was 14 percent ($166.3 million) lower than anticipated. For the first three months of the fiscal year, total corporation tax receipts of $1.32 billion are $265.5 million less than predicted in the 2016-17 Budget Act—a shortfall of 16.7 percent.
Retail sales and use tax receipts of just over $2.00 billion beat expectations by $208.4 million, the largest margin of the “big three” revenue sources at 11.6 percent. For the fiscal year-to-date, sales tax receipts of nearly $5.94 billion are just $25.8 million under estimates, or 0.4 percent.