Business News
SACRAMENTO – State Controller Betty T. Yee reported on Monday California’s total revenues of $8.31 billion for November were $449.8 million above expectations, powered by strong retail sales.
Personal income tax (PIT), the largest state revenue source, fell short by nearly $200 million.
For the first five months of the 2017-18 fiscal year, total revenues of $40.96 billion are outpacing budget projections by 2.5 percent, with retail sales and use taxes and corporation tax beating expectations.
Sales tax receipts of $3.30 billion for November were $538.1 million higher than anticipated in the budget. For the fiscal year, sales tax receipts of $10.16 billion are $733.4 million above budget estimates.
Corporation taxes for November came in at negative $18.9 million as refunds outpaced receipts. That is not unusual, as there also was a negative for corporation taxes last November and the Department of Finance estimated negatives for the month in both years.
However, this year’s shortfall was better than expected, leading total corporation tax receipts for the month to beat budget estimates by $89.2 million, or 83 percent.
For the fiscal year to date, total corporation tax receipts of $1.79 billion are $233.1 million above assumptions in the 2017-18 Budget Act.
PIT receipts for November totaled $4.64 billion, 4.0 percent below projections. For the fiscal year, PIT receipts of $27.60 billion are under budget estimates by 0.1 percent.
Unused borrowable resources through November exceeded projections by $2.37 billion, or 12.3 percent.
Outstanding loans of $20.15 billion at the end of November were $294.4 million less than 2017-18 Budget Act estimates. This loan balance consists of borrowing from the state’s internal funds.
Personal income tax (PIT), the largest state revenue source, fell short by nearly $200 million.
For the first five months of the 2017-18 fiscal year, total revenues of $40.96 billion are outpacing budget projections by 2.5 percent, with retail sales and use taxes and corporation tax beating expectations.
Sales tax receipts of $3.30 billion for November were $538.1 million higher than anticipated in the budget. For the fiscal year, sales tax receipts of $10.16 billion are $733.4 million above budget estimates.
Corporation taxes for November came in at negative $18.9 million as refunds outpaced receipts. That is not unusual, as there also was a negative for corporation taxes last November and the Department of Finance estimated negatives for the month in both years.
However, this year’s shortfall was better than expected, leading total corporation tax receipts for the month to beat budget estimates by $89.2 million, or 83 percent.
For the fiscal year to date, total corporation tax receipts of $1.79 billion are $233.1 million above assumptions in the 2017-18 Budget Act.
PIT receipts for November totaled $4.64 billion, 4.0 percent below projections. For the fiscal year, PIT receipts of $27.60 billion are under budget estimates by 0.1 percent.
Unused borrowable resources through November exceeded projections by $2.37 billion, or 12.3 percent.
Outstanding loans of $20.15 billion at the end of November were $294.4 million less than 2017-18 Budget Act estimates. This loan balance consists of borrowing from the state’s internal funds.
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After more than 16 years on the California State Board of Food and Agriculture, with the last seven years as Board President, Craig McNamara is stepping down from his position on the Board to participate as a 2018 Fellow in the Stanford Distinguished Careers Institute program.
The fellowship program offers an extraordinary opportunity for individuals to advance social impact at the local, national and global levels.
“Craig has been a visionary leader for the State Board and has been an unwavering advocate for California’s farmers and ranchers to both me and the Governor,” said CDFA Secretary Karen Ross. “I’m happy for Craig in his new pursuit, but will deeply miss his counsel and thoughtfulness on the issues impacting the agricultural community.”
Under McNamara’s leadership the board further advanced the California Ag Vision, helped to double farm contributions to food banks, addressed agricultural immigration issues, and was a critical voice for agriculture in a variety of water discussions related to drought and sustainable groundwater management.
As McNamara departs the State Board he leaves behind a legacy of dedication to California’s farmers and ranchers and a reinvigorated board mission of engagement and representation of the diversity of California’s agricultural sector to the governor and CDFA secretary.
The California State Board of Food and Agriculture advises the governor and the CDFA secretary on agricultural issues and consumer needs.
The state board conducts forums that bring together local, state and federal government officials, agricultural representatives and citizens to discuss current issues of concern to California agriculture.
Jay Van Rein works for the CDFA Office of Public Affairs.
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- Written by: Jay Van Rein
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