Dec 21 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
"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