In the latest sign of California’s improving budget outlook, tax revenue last month beat estimates by about $1 billion, the state controller said Tuesday.
Receipts of $6.6 billion in February beat estimates in Gov. Jerry Brown’s proposed budget by about 18 percent, Controller Betty Yee said in her monthly report.
Personal income tax revenue came in at $2.6 billion, 26 percent higher than projected. Retail sales and use taxes were up nearly 16 percent.
General fund revenue for the fiscal year is now 1.4 percent higher than Brown projected in January. The revenue picture is significant as lawmakers deliberate on a spending plan for the next fiscal year, with Democrats in the Legislature likely to push Brown for increased spending.
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Call David Siders, Bee Capitol Bureau, (916) 321-1215. Follow him on Twitter @davidsiders.