California Insider

A Weblog by
Sacramento Bee Columnist Daniel Weintraub

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April 28, 2006

April showers

The Franchise Tax Board wrapped up the month today with personal income tax collections of about $632 million, bringing the total for April, not including withholding from paychecks, to $11.25 billion. After deducting refunds mailed out, the state was left with a net of about $9.5 billion. The projection for the month in the January budget was $6.3 billion. The bank and corporate tax, meanwhile, finished the month about $200 million above projections. Do the math, and you come up with nearly $3.5 billion more than the governor's budget projected, just in April. Throw in the $1 billion surplus coming into the month and you get to revenues of $4.5 billion above the figure in the January budget. Could be a few hundred million more or less depending on how withholding and the sales tax did this month.

But you get the idea. If only one-third of the new money is considered ongoing, that's $6 billion in added revenue over the two year period covering the end of this fiscal year through June 30 2007.