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Controller Reports State Revenues Top November Budget Estimates, On Par for Fiscal Year

December 19, 2016

California revenues of almost $7.98 billion for November topped projections in the 2016-17 Budget Act that Governor Jerry Brown signed in June by $556.9 million, or 7.5 percent, State Controller Betty T. Yee reported today.

The fiscal year-to-date total of nearly $38.87 billion in revenues is now 0.5 percent above estimates.

November personal income tax (PIT) receipts of $4.55 billion outpaced budget projections by $559.7 million, or 14.0 percent. Five months into the new fiscal year, California has collected total PIT receipts of $26.00 billion, beating estimates by $560.7 million.

Gross corporation tax collections of $294.6 million for November beat projections by $53.6 million. However, corporation tax refunds of $399.7 million were $110.7 million higher than expected. In total, corporation tax receipts for November were in the red by $105.1 million.

For the first five months of the fiscal year, total corporation tax receipts of $1.46 billion are $318.2 million lower than anticipated in the 2016-17 Budget Act – a shortfall of 17.9 percent.

Retail sales and use tax receipts of $3.10 billion for November missed expectations by $73.4 million. For the fiscal year-to-date, sales tax receipts of $9.92 billion are $238.3 million below estimates. For both the month and the fiscal year-to-date, sales tax receipts are 2.3 percent shy of budget projections.

The state ended the month of November with unused borrowable resources of just under $22.96 billion, which was $2.40 billion more than predicted in the 2016-17 Budget Act. Outstanding loans of $16.23 billion were $708.2 million lower than projected. This loan balance consists of borrowing from the state’s internal special funds.

For more details, read the monthly cash report.

Source:  California Controller’s Office

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