The California Controller reports today General Fund revenues for March came in $547 million above projections.
Nearly $500 million of that can be attributed to income taxes. Corporate tax revenues came in $77 million above expectations. But sales taxes fell short, with revenues coming in nearly $100 million below projections.
For the fiscal year to date the state’s General Fund revenues are nearly $75 billion, more than 2 percent above expectations. So far income, corporate and sales taxes are all exceeding projections for the fiscal year.