California income tax collections in April exceeded Brown administration estimates by more than $1.6 billion, according to data posted Friday by the state controller’s office, pushing income tax revenue for the year $8 billion higher than during a comparable period in 2013-14.
Gov. Jerry Brown’s January budget proposal projected $12.2 billion in income tax revenue in April. Based on Friday’s numbers, the state netted $13.8 billion.
The higher-than-estimated revenue last month is on top of the $1.3 billion in extra 2014-15 revenue through March. The Legislature’s fiscal experts project that the margin will continue to grow by hundreds of millions of dollars – and potentially billions of dollars – through the June 30 end of the fiscal year.
The vast majority of the extra revenue will go to schools and community colleges under the state’s constitutional funding guarantee. In addition, more money could be diverted into the state’s new rainy day reserve. And if revenue exceeds projections by around $4.4 billion, there could be additional money available for health, welfare and other state programs.
Never miss a local story.
Hover over the charts for more information. Tap or click on a date in the top chart to see corresponding year-to-date revenue totals in the bottom chart.
Call Jim Miller, Bee Capitol Bureau, (916) 326-5521. Follow him on Twitter @jimmiller2.