December 7, 2012 / 6:56 PM / 5 years ago

California November revenue misses budget estimate by $806.8 mln

SAN FRANCISCO, Dec 7 (Reuters) - California’s November revenue came in $806.8 million below projection in its budget, a disappointing development in light of signs that the most populous U.S. state’s economy is on the mend, State Controller John Chiang’s office said on Friday.

The office said in a statement that revenue from personal income taxes, the state’s most important source of revenue, missed budget estimates by $842.5 million and revenue from corporate taxes missed projections by $187.8 million. Revenue from sales taxes, the state’s third key source of revenue, exceeded expectations by $99.0 million.

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