State revenue outpacing expectations
October 10, 2017
• . September revenues were nearly y$51 Million more than budgeted
• . Year is seeing revenues 2.3 percent ahead of budget
California’s state government brought in $10.92 billion in September, exceeding revenue projections in the state budget by $50.9 million, or 0.5 percent, according to a report Tuesday from state Controller Betty Yee.
Total revenues of $25.92 billion for the fiscal year to date are $583.4 million, or 2.3 percent higher than projections in the state budget enacted in June with all of the “big three” tax revenue sources beating expectations. Revenues for the first quarter of the 2017-18 fiscal year were $1.36 billion higher than one year ago.
Personal income tax (PIT) receipts of $7.62 billion in September were $3.3 million higher than 2017-18 Budget Act estimates. For the current fiscal year, California collected total PIT receipts of $17.58 billion, $216.2 million more than anticipated in the 2017-18 Budget Act.
September corporation tax receipts of $1.06 billion were up $133.1 million from 2017-18 Budget Act projections. Fiscal year-to-date corporation tax receipts of $1.52 billion are $222.0 million above budget estimates.
Retail sales and use tax receipts of $1.90 billion for September were $1.6 million below budget estimates. Sales tax receipts in September were $102.2 million, or 5.1 percent lower than the $2.00 billion collected in September 2016. For the fiscal year to date, sales tax receipts of $5.93 billion are $150.3 million higher than expected.
Outstanding loans of $13.49 billion in September were $399.9 million more than 2017-18 Budget Act estimates. This loan balance consists of borrowing from the state’s internal special funds. Available borrowable resources in September exceeded projections by $4.02 billion or 9.8 percent. Compared to 2017-18 Budget Act forecasts, total disbursements for the fiscal year to date are $1.05 billion higher than expected.