California Revenues Above Projections
Friday, November 9, 2012
California finished last month above revenue projections set by the state budget.
State Controller John Chiang says last month's revenues came in more than $200-million above projections.
The improving job market strengthened personal income tax revenue.
It increased more than 10-percent, exceeding both expectations and last year's total.
And stronger consumer confidence and spending boosted sales taxes above projections.
On the down side…corporate taxes were 47-percent below expectations and came in lower than October of last year.
But Chiang says more importantly, revenue for the year is "spot-on" with the state's budget projections.
Next week the Legislative Analyst's Office will release its budget outlook for the coming fiscal year.