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California August Revenues Are Up

Aired 9/11/12 on KPBS News.

The California State Controller’s Office reports August revenues are $434 million dollars above projections. That’s a big improvement from last month.

Personal income taxes had the biggest impact in August. They rose $222 million dollars above projections, while sales tax revenue jumped $187 million dollars.

State Controller John Chiang said the increase offsets July’s losses which totaled $475 million dollars. Chiang said the August numbers put revenue right in line with projections. But for the year, the cash deficit is still $21 billion dollars.

State officials are covering that hole with temporary loans from special funds as well as external borrowing. The only losses in August were from corporate taxes. They came in seventy-one percent below projections.

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