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CA Controller Reports State
Revenues Fell Short of February Projections

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SACRAMENTO—California revenues of $6.52 billion for February fell short of projections in the governor’s proposed 2017‑18 budget by $772.7 million, or 10.6 percent, State Controller Betty T. Yee reported today.

Recent month-to-month fluctuations have not developed a clear pattern.  January revenues beat projections by 6.2 percent.  The variance can often be as simple as one large payment due on the first of the month being recorded on the last day of the prior month.

Personal income taxes (PIT), corporation taxes, and retail sales and use taxes all fell short of January’s revised budget estimates for February, and only corporation taxes—the smallest of the three—topped fiscal year-to-date projections in the governor’s proposed 2017-2018 budget.  

For the first eight months of the 2016-17 fiscal year that began in July, total revenues of $73.28 billion are $663.9 million below last summer’s budget estimates, and $888.1 million short of January’s revised fiscal year-to-date predictions.

February PIT of $3.12 billion was shy of projections in the governor’s proposed budget by $5.3 million, or 0.2 percent.  In the current fiscal year, California has collected total PIT receipts of $50.97 billion, or 0.9 percent less than January’s revised estimate.

Corporation tax receipts of $168.2 million for February were 35.0 percent short of assumptions in the proposed 2017-18 budget.  Fiscal year-to-date corporation tax receipts of $3.82 billion are 3.3 percent above projections in the proposed budget.

February sales tax receipts of $3.06 billion missed expectations in the governor’s proposed 2017-18 budget by $710.2 million, or 18.8 percent.  For the fiscal year to date, sales tax receipts of $16.29 billion are $613.5 million below the revised estimates released in January, or 3.6 percent.

The state ended February with unused borrowable resources of $27.44 billion, which was $3.27 billion more than predicted in the governor’s proposed budget.  Outstanding loans of $13.53 billion were $628.3 million higher than projected in early January.  This loan balance consists of borrowing from the state’s internal special funds.

For more details, read the monthly cash report and this month’s edition of the Controller’s California Fiscal Focus newsletter, which delves into transportation infrastructure funding and the state’s New Employment Credit.

As the chief fiscal officer of California, Controller Yee is responsible for accountability and disbursement of the state’s financial resources. The Controller also safeguards many types of property until claimed by the rightful owners, and has independent auditing authority over government agencies that spend state funds. She is a member of numerous financing authorities, and fiscal and financial oversight entities including the Franchise Tax Board. She also serves on the boards for the nation’s two largest public pension funds. Elected in 2014, Controller Yee is the tenth woman elected to a statewide office in California’s history. Follow the Controller on Twitter at @CAController and on Facebook at California State Controller’s Office.