A quarter of California’s fiscal year has gone by and the Legislative Analyst’s Office says revenues are well above projections.
The LAO finds between July 1 and the end of September, California collected $455 million more than revenue projections made by Governor Jerry Brown’s administration. The number would have been higher, but the state returned more than $340 million in sales taxes to local governments to correct for a prior year accounting discrepancy.
So far sales taxes for the fiscal year have fallen $29 million short of projections. But corporate taxes remained strong, coming in at $145 million above projections. And income taxes have exceeded projections by $357 million. Those three sources account for more than 96 percent of annual revenues to the state’s General Fund.