Tax Collections Fall Short of Projections in October, but Remain Higher Than Last Year

The state received $6.57 billion in revenue in October, falling short of assumptions in the 2018-19 state budget by 5.9 percent ($412.2 million), State Controller Betty Yee reported November 9.

Four months into the 2018-19 fiscal year, revenue of $35.28 billion is 3 percent ($1.02 billion) higher than projected in the budget, Yee added.

Total revenue for the fiscal year thus far is 8.1 percent ($2.63 billion) higher than through the first four months of the 2017-18 fiscal year, the controller said.

Sales tax revenue in October was 8.2 percent ($77.9 million) higher than projected in the enacted budget, while personal income tax and corporation tax revenue came in lower than predicted. PIT receipts of $5.13 billion were 8.4 percent ($472 million) less than expected, and corporation taxes of $254.8 million were 10.9 percent ($31.1 million) below budget estimates.

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