California started the 2017-18 fiscal year with encouraging revenues, State Controller Betty Yee reported August 10, with total revenue of $6.09 billion in July exceeding projections in the state budget approved in June by $188.8 million, or 3.2 percent.
Total revenue in July was $667.9 million higher than in July 2016, and each of the “big three” revenue sources beat expectations.
Personal income tax receipts of $4.74 billion in July were $77.3 million higher than projected in the 2017-18 budget, corporation tax receipts of $363.5 million were $18.9 million (5.5 percent) more than anticipated in the budget, and retail sales and use tax receipts of $899.5 million for the month were $84.6 million (10.4 percent) above budget estimates.
Outstanding loans of $8.97 billion in July were $604.5 million less than estimated in the budget, the controller said. This loan balance consists of borrowing from the state’s internal special funds. Available borrowable resources were $3.4 billion more than expected.
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