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News & Press: Industry News

State Ends Fiscal Year on a Positive Note

Tuesday, July 17, 2018  
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California received more tax revenue than expected during the month of June and for the entire 2017-18 fiscal year, which ended June 30. According to State Controller Betty Yee, total revenues of $19.91 billion for June were greater than anticipated in the budget signed in June 2017 by $2.30 billion, or 13.1 percent. Overall revenues for FY 2017-18 of $135.29 billion were $1.53 billion more than estimates in the May budget revision and $6.82 billion higher than expected in the 2017-18 Budget Act. Total fiscal year revenues were $13.38 billion higher than in FY 2016-17.

At the end of the 2017-18 fiscal year, California’s General Fund had $10.38 billion more in receipts than disbursements, and $4.84 billion was used to repay outstanding loans from the previous fiscal year. Additionally, there was $39.93 billion available for internal borrowing from the state’s own funds.

California Land Title Association


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