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August State Budget Revenues Top Projections

  

California tax revenues continue to stream in. The state is nearly half a billion dollars above budget projections just two months into the new fiscal year – though there’s one big caveat.

Despite the turbulent stock market, California budget revenues still out-performed expectations last month – just as they did in July. State coffers also got a $300 million infusion two months earlier than expected – PG&E paid up on a legal settlement with the state ahead of schedule.

Put it all together and Governor Jerry Brown’s Department of Finance says the California budget is nearly $500 million in the black so far – although most of that money is from the settlement.

The strongest performance continues to come from personal income taxes, which are more than $100 million above projections. Sales taxes are coming in roughly flat, and corporate taxes are down a bit.

Ben Adler

Capitol Bureau Chief

Capitol Bureau Chief Ben Adler first became a public radio listener in the car on his way to preschool – though not necessarily by choice. Now, he leads Capital Public Radio’s state Capitol coverage, which airs on NPR stations across California.  Read Full Bio