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News & Press: Sacramento Report

State Revenue Short of Projections

Tuesday, March 21, 2017  
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California revenue of $6.52 billion for February fell short of projections in the governor’s proposed 2017 18 budget by $772.7 million. For the first eight months of the 2016-17 fiscal year that began on July first, total revenue of $73.28 billion is $663.9 million below last summer’s budget estimates, and $888.1 million short of January’s revised fiscal year-to-date predictions. The question is whether this is a trend for the year, or whether March – June will see revenues rise to hit projections. As one publication recently pointed out, California may be in trouble in the next downturn because so much revenue is being generated from capital gains in the stock market and tech boom. Adjusting future budget expenditures to a downturn in capital gain revenue will not be easy for California lawmakers.

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