California Revenues Above Projections
By
Amy Quinton
Friday, November 9, 2012
Listen Now:
Update Required
To play the media you will need to either update your browser to a recent version or update your Flash plugin.
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.