April Tax Collections Nearly $2.5 Billion Short, Controller Says
California’s cash balance, receipts and disbursements in California’s April tax collections were $2.44 billion below the estimates contained in Gov. Jerry Brown’s January budget plan for the fiscal year beginning July 1, State Controller John Chiang said May 8 in his monthly cash balance report.
“The task of crafting a credibly-balanced budget has been made more difficult by a nine-month revenue shortfall of $3.5 billion,” said Chiang in a statement. “Without a timely, financeable budget plan, the state will be unable to access the working capital needed to pay its bills later this year.”
The greater part of the April shortfall was caused by personal income tax receipts, which were $1.96 billion — 21.5 percent — below projections. Sales taxes were also down by nearly $446 million, 54.4 percent below projections. Corporate taxes were also down, coming in $142.7 million, 9.3 percent below budget estimates.
Year-to-date through April, total revenues were down $3.5 billion from estimates in the Governor’s proposed budget. Income tax collections were down $2.7 billion. Sales tax missed estimates by $411 million and corporate tax receipts were down $464 million.
Filed under: Budget and Economy
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