California’s fiscal year has gotten off to a strong start.
The state controller says California collected $5.4 billion in July, beating estimates by about $232 million dollars. The controller says July is typically a weak revenue collection month.
But sales taxes exceeded estimates by about 4 percent, income taxes came in at 6.4 percent above projections, and corporate taxes were 13.5 percent above expectations.
Borrowing for the state’s operating funds was also at its lowest level since the 2006-2007 fiscal year. The state ended last fiscal year with a positive cash balance for the first time since 2007.