State Revenues Down
Tuesday, November 15, 2016
State Revenues Below Expectations Four Months into Fiscal Year
California’s fiscal year-to-date total of $30.89 billion in revenues is now 1.1 percent below estimates according to State Controller Betty T. Yee.
October personal income tax (PIT) receipts of more than $5.13 billion fell short of budget projections by $176.7 million, or 3.3 percent. Four months into the new fiscal year, California has collected total PIT receipts of more than $21.45 billion, topping estimates by just $1.1 million.
Corporation taxes came in at $240.3 million for October, which was $4.2 million higher than anticipated. For the first four months of the fiscal year, total corporation tax receipts of $1.56 billion are $261.3 million less than predicted in the 2016-17 Budget Act—a shortfall of 14.3 percent.
Retail sales and use tax receipts of $882.7 million missed expectations by $139.1 million, a shortfall of 13.6 percent. For the fiscal year-to-date, sales tax receipts of nearly $6.82 billion are $164.9 million under estimates, or 2.4 percent.