March Revenues Reach Target Before Month-End

Supported by continued gains in jobs, income, and capital gains, revenues through March 27 from California’s top three tax sources have already surpassed the projections for the total month.  With a few days left to go, the total is at 100.5% of the target for all of March.

Personal income tax collections have not quite reached their month-end target, but as more individuals file their returns, the goal should be reached.  Retail sales taxes are also close to their target.  Meanwhile, corporate tax receipts are running well ahead of plan, with the sum through March 27 already equal to 107.6% of the total month’s projection.

The third quarter of 2013-14 closes with March.  It can include a great deal of information about how revenues are performing for the year.  It includes the results of the late holiday retail sales and the final payments on most Corporate tax accounts.  Budget writers can use this information to begin assessing the likelihood of meeting the budget estimates for two of the three main General Fund revenue sources.  Through March 27, total net revenues are running $1.5 billion above the projections for the fiscal year to date.