California collecting more taxes and other revenue than expected
August 11, 2017
• Controller calls July’s take “encouraging”
• Exceeding budgeted revenue by 3.2 percent
California has started its 2017-2018 fiscal year with encouraging revenues, says state Controller Betty Yee.
Total taxes, fees and other revenues added up to $6.09 billion in July, exceeding projections in the state budget approved in June by $188.8 million, or 3.2 percent.
Total revenues this July were $667.9 million higher than in July 2016. In July, each of the “big three” revenue sources beat expectations.
• Personal income tax receipts of $4.74 billion in July were $77.3 million higher than 2017-18 Budget Act estimates.
• July corporation tax receipts of $363.5 million were $18.9 million more than anticipated in the budget, or 5.5 percent.
• Retail sales and use tax receipts of $899.5 million for July surged $84.6 million, or 10.4 percent, above budget estimates.
Outstanding loans of $8.97 billion in July were $604.5 million less than budget estimates. This loan balance consists of borrowing from the state’s internal special funds. Available borrowable resources were $3.40 billion more than expected.