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California Revenues Above Projections

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(Sacramento, CA)
Friday, November 9, 2012
State Controller John Chiang says last month's revenues came in more than $200-million above projections.
The improving job market strengthened personal income tax revenue.
It increased more than 10-percent, exceeding both expectations and last year's total.
And stronger consumer confidence and spending boosted sales taxes above projections.
On the down side…corporate taxes were 47-percent below expectations and came in lower than October of last year.
But Chiang says more importantly, revenue for the year is "spot-on" with the state's budget projections.
Next week the Legislative Analyst's Office will release its budget outlook for the coming fiscal year.
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