California revenue dips in November

Fri Dec 21, 2012 12:35pm EST

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Dec 21 (Reuters) - California's tax and other revenue collections dipped in November, coming in $840 million short of forecasts at $5.8 billion, according to state finance officials.

Year-to-date revenues were $936 million or three percent below the forecast of $30.880 billion, the state Department of Finance said.

"The lower revenues were due largely to revenue associated with the Facebook IPO (initial public offering) and larger-than-expected corporation tax refunds," the California Department of Finance said.

Personal income tax revenues fell $827 million below November's forecast of $4.387 billion, mainly because revenues from the vesting of Facebook restricted stock units occurred one month earlier than expected.

Corporate tax revenues were $175 million below forecast in November.