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published on July 12, 2018 - 2:57 PM
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The California State Controller’s Office reported on Tuesday that California received more tax revenue than expected during the month of June and for the 2017-18 fiscal year (FY), which ended June 30.

Total revenues for the month of June hit $19.91 billion, exceeding what was anticipated in the budget signed in June 2017 by $2.30 billion.

Overall revenues for FY 2017-18 of $135.29 billion were $1.53 billion more than expected in the May budget revision and $6.82 billion more than expected in the 2017-18 Budget Act. Total revenues for this fiscal year were $13.38 billion higher than in FY 2016-17.

For the month of June, personal income tax receipts (PIT) of $12.57 billion were $691.8 million higher than estimated in the budget proposal released in May. For the fiscal year, PIT receipts of $93.48 billion were $4.34 billion, more than projected in the 2017-18 Budget Act.

Corporation taxes of $3.23 billion were $577.2 more than expected in the May Budget proposal for the month of June. Tax receipts were 2.0 percent higher than predictions in the 2017-18 Budget Act.

In June, sales tax receipts were $759 million of $3.15 billion more than anticipated in the FY 2018-19 amended budget proposal. Sales tax receipts for the fiscal year were 2 percent higher than expected in the 2017-18 Budget Act.

At the end of FY 2017-18, the state’s general fund had $10.38 billion more in receipts than disbursements, and $4.84 billion was used to repay outstanding loans from the last fiscal year. At the end of June, $39.93 billion was available for internal borrowing from the state’s own funds, more than anticipated in the May budget proposal by $1.81 billion.


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