April 27, 2007

April bailout arrives, after all

The bean -- and revenue -- counters over at the Capitol must have just breathed a major sigh of relief. The latest numbers are in from the Franchise Tax Board, and it looks as if the state not only met its projections for the month but came out ahead.

The Department of Finance had projected personal income tax revenues, not including withholding from wages, of about $8.7 billion for the month. With the weekend plus Monday still to go, the FTB is reporting $9.2 billion already on hand. If the recent past is any indication, Monday's mail should produce a minimum of $500 million, maybe closer to $1 billion. That would leave the state somewhere between $1 billion and $2 billion ahead for the month.

That would more than wipe out the $1.3 billion shortfall in revenues for the year to date.

Taxes on banks and corporations, by the way, also met projections for the month. They appear to be coming in about $100 million above what the department expected.

Posted by dweintraub on April 27, 2007 2:32 PM