California August revenue rises but narrowly misses target
SAN FRANCISCO, Sept 10
SAN FRANCISCO, Sept 10 (Reuters) - California's revenue rose 4 percent in August from a year earlier to $6.91 billion, but came in 0.4 percent below estimate in the state budget, controller John Chiang's office said on Tuesday.
Revenue from personal income taxes, California's most important source of revenue, came in $56 million, or 1.5 percent, below estimate, while revenue from sales tax receipts was $62.3 million, or 2.3 percent, below forecast.
In contrast, revenue from corporate and insurance taxes topped expectations. Corporate tax was $27 million, or 69.2 percent, above projection, and insurance tax was $80.2 million, or 64.7 percent, above estimate.
California ended August with a general fund cash deficit of $12.4 billion, down from a cash deficit a year earlier of $21.4 billion.