California’s monthly tax collections are exceeding expectations, according to an Oct. 22 report from the state’s Department of Finance that shows receipts $4.1 billion higher for the current fiscal year since April than was anticipated in the budget.
The newly released report shows an excess of $7.3 billion, with $3.2 billion of the cash attributed to the prior fiscal year that ended in June.
About $2.4 billion of the overage was received in September. That included $1.8 billion in personal income taxes and nearly $557 million in corporate taxes.
A spokesperson for the department said the timing of payments and other issues can significantly impact monthly figures and cautioned against using the calculations to predict the state of the economy….