California revenues of $6.52 billion for February fell short of projections in the governor’s proposed 2017-18 budget by $772.7 million, or 10.6 percent, State Controller Betty T. Yee reported Friday.

Recent month-to-month fluctuations have not developed a clear pattern. January revenues beat projections by 6.2 percent.

The variance can often be as simple as one large payment due on the first of the month being recorded on the last day of the prior month.

Personal income taxes, or PIT, corporation taxes, and retail sales and use taxes all fell short of January’s revised budget estimates for February, and only corporation taxes – the smallest of the three-- topped fiscal year-to-date projections in the governor’s proposed 2017-18 budget. 

For the first eight months of the 2016-17 fiscal year that began in July, total revenues of $73.28 billion are $663.9 million below last summer’s budget estimates, and $888.1 million short of January’s revised fiscal year-to-date predictions.

February PIT of $3.12 billion was shy of projections in the governor’s proposed budget by $5.3 million, or 0.2 percent.

In the current fiscal year, California has collected total PIT receipts of $50.97 billion, or 0.9 percent less than January’s revised estimate.

Corporation tax receipts of $168.2 million for February were 35.0 percent short of assumptions in the proposed 2017-18 budget.

Fiscal year-to-date corporation tax receipts of $3.82 billion are 3.3 percent above projections in the proposed budget.

February sales tax receipts of $3.06 billion missed expectations in the governor’s proposed 2017-18 budget by $710.2 million, or 18.8 percent.

For the fiscal year to date, sales tax receipts of $16.29 billion are $613.5 million below the revised estimates released in January, or 3.6 percent.

The state ended February with unused borrowable resources of $27.44 billion, which was $3.27 billion more than predicted in the governor’s proposed budget.

Outstanding loans of $13.53 billion were $628.3 million higher than projected in early January. This loan balance consists of borrowing from the state’s internal special funds.