Tax Receipts Down In December — Even Using Gov. Brown’s New Scaled-Back Revenue Estimates.
The state’s revenue collections in December were a net $165 million lower than expected, according to State Controller John Chiang in his monthly cash receipts report January 10.
Sales taxes were $17 million higher during the month than Gov. Jerry Brown predicts in his budget proposal, released January 5. Income taxes were nearly $70 million lower than Brown hoped and corporate taxes came in $20 million below estimates.
“While we saw positive numbers in November, December’s totals failed to meet even the latest revenue projections,” said Chiang. “These latest revenue figures create growing concern that legislative action may be needed in the near future to ensure that the State can meet its payment obligations.”
Based on the estimates use to create the budget signed last June 30 – the tax receipts were $1.4 billion worse than expected, Chiang reported.
Filed under: Budget and Economy
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