State Controller John Chiang says last month, revenue came in nearly five-hundred million dollars above state budget projections. Both personal income tax revenues and corporate taxes came in higher than expected.
But Chiang says despite the bump in November, the state is still running one-billion dollars behind budget estimates for the year. Expenditures have overshot projections by nearly two billion dollars.
Next week the state Department of Finance will release revenue projections that will determine what automatic mid-year spending cuts will be triggered.