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California Ends Fiscal Year With Revenue Surge

Alex Proimos / Flickr
 

Alex Proimos / Flickr

The Department of Finance reports California exceeded revenue projections for the fiscal year by $732 million. Revenues were originally projected to be about $114 billion.

Income taxes accounted for much of the surplus, coming in $624 million above projections. Sales and use taxes exceeded fiscal year projections by $40 million.

Corporate taxes exceeded the monthly forecast by $1 million but fell $9 million short of annual projections.