2012 is over, but the state's fiscal year is at the halfway mark.
And while revenues were above estimates in the state budget for the month, California still has a cash flow gap of $14.6 billion for the first six months of the fiscal year.
Income tax revenues in December were $767-million above
estimates, or about 13-percent. But adjusted sales tax revenues
were down almost seven percent.
The major disappointment continues to be the performance of
corporate taxes. For December those revenues were 31-percent below
estimates.
That's well below last year's totals.
Still, the report suggests there are signs of a slow economic
recovery for the state.
Total revenue for December was almost 3 percent above last
year's.
