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Strong June Helps Calif. Finish Rough 2011-12 Fiscal Year

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(Sacramento, CA)
Tuesday, July 10, 2012

Chiang: "Our income tax revenues were stronger than projected.  We came in close to 8 percent higher.  Our sales taxes came in about where they were projected to be."

That was partially undercut by June corporate tax revenues, which came in well short of expectations.

The original budget Governor Jerry Brown and Democratic lawmakers passed last year relied on an extra $4 billion in revenue.  Tuesday's numbers show that money officially never showed up - the state's year-end difference between revenues and expenses was slightly more than that amount.

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