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California Revenues Continue to Surpass Budget Estimates

Revenues totaled more than $12 billion in January, about three percent above estimates.
And those projections were recently revised upward as part of the Governor’s 2014-2015 budget.
Increases in jobs, earnings and capital gains drove up income tax receipts.
The State Controller’s Office says corporate taxes have generally been disappointing.
But in January they were $186 million above estimates. Reduced write-offs could account for the increase.
Consumer spending and sales taxes were the only disappointment, coming in nine percent below expectations.
The State Controller’s Office warns that weak national job numbers in December and January could have ripple effects on consumer spending. 

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