California tax revenues ended the month of March about 7 percent above estimates in the Governor’s budget. As Amy Quinton reports from Sacramento, the state controller’s office says April’s numbers will reveal far more about California’s fiscal health.
Revenues in March were $395 million above the Governor’s budget estimates. That puts total revenues for the fiscal year more than 4-billion above estimates so far. But April will be key for the state as income tax deposits continue to roll in.
So far the state has collected just one-point-seven billion of an expected $12.7 billion in personal income taxes in April. But analysts say not to jump to conclusions; most of the money is usually collected in the last few weeks.
Personal income tax in March came in almost 15 percent above monthly estimates. And corporate taxes were up almost six percent. Sales taxes didn’t meet expectations though, coming in about 8 percent below estimates in the state budget.