California revenue beats estimates for another month
Reporting from Sacramento — California tax revenue continues to outpace expectations, Gov. Jerry Brown’s administration announced Monday.
The state has collected $633 million more than expected in the current fiscal year, which ends in June.
Most of the bump, $385 million, comes from taxes on personal income. Sales taxes produced $163 million more than administration estimates.
Much of the increased revenue, if not all of it, will probably be directed to schools and community colleges by the state’s constitutional education funding formula.
Brown will be negotiating the state’s next budget with lawmakers over the next few months. In January, he proposed a $164.7-billion spending plan.
The blueprint included higher revenue estimates than Brown agreed to last year, but the latest figures from his administration show cash outpacing even the revised numbers.
The governor and legislative analysts have repeatedly cautioned lawmakers that revenue could quickly nosedive if the stock market begins to slide or the economy enters another downturn.
Follow @chrismegerian for more updates from Sacramento.
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