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Controller Betty Yee Reports State Revenues Top Estimates in November

December 15, 2018

State Controller Betty T. Yee reported on December 10 that the State of California received $9.69 billion in revenue in November, exceeding projections in the 2018-19 fiscal year budget by 15.1 percent, or $1.27 billion.

Personal income tax (PIT), sales tax, and corporation tax -- the state’s “big three” revenue sources -- all were higher than expected in the enacted budget.

For the fiscal year, revenues of $44.97 billion are 5.4 percent ($2.29 billion) higher than projected in the budget enacted at the end of June. Total revenues for FY 2018-19 thus far are 9.8 percent ($4.02 billion) higher than through the same five months of FY 2017-18.

For November, PIT receipts of $5.96 billion were 22.3 percent ($1.09 billion) more than expected in the FY 2018-19 Budget Act.

Sales tax receipts of $3.52 billion for November were 12.4 percent ($388.4 million) greater than anticipated in the FY 2018-19 budget.

November corporation taxes of $26.9 million were 2.8 percent higher than FY 2018-19 Budget Act estimates.

For more details, read the monthly cash report. This month’s edition of the Controller’s California Fiscal Focus newsletter provides updates on the state’s new retirement savings program and this year’s ballot measures with fiscal impacts.

Sources: California Controller’s Office

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