Tax revenue flows but Brown doesn’t celebrate yet
SACRAMENTO -- April tax revenue continues to outpace expectations even in the slower final days of the month, according to the latest figures.
The nonpartisan Legislative Analyst’s Office said Tuesday was “unexpectedly strong,†with $678 million flowing into state’s coffers.
By the end of the month, total revenue for the fiscal year could be $4 billion ahead of targets set by Gov. Jerry Brown’s administration.
However, the governor said the extra money may not benefit the state’s bottom line, echoing concerns from the legislative analyst. The state’s constitutional education funding formula could funnel much of the surplus into local schools and community colleges.
“We have a very complicated mechanism called Prop. 98, and depending upon how the money flows, it may not be as available as many people are now thinking,†Brown told reporters on Tuesday.
The governor is working on his revised budget proposal, which is scheduled to be released next month.
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Twitter: @chrismegerian
Times staff writer Anthony York contributed to this report.
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