Written by The Business Journal Staff
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.