DOF Figures Show Tax Revenues $1 Billion Ahead of Projections
Recently, the Department of Finance (DOF) published its February Finance Bulletin, which provides an economic update and cash report. The bulletin noted that preliminary General Fund agency cash receipts for the first seven months of the fiscal year are $1.066 billion above the 2020-21 Governor’s Budget forecast of $81.614 billion.
The bulletin also included the following findings:
- Personal income tax cash receipts to the General Fund were $1.176 billion above the January’s forecast of $16.511 billion.
- Sales and use tax cash receipts for January were $59 million below the month’s forecast of $2.407 billion.
- Corporation tax cash receipts for January were $5 million below the month’s forecast of $568 million.
- Insurance tax cash receipts for the month of January were $6 million above the month’s forecast of $19 million.
- Cash receipts from the alcoholic beverage, tobacco taxes, and pooled money interest were $15 million above forecast for the month of January.
For the finance bulletin, please see http://www.dof.ca.gov/Forecasting/Economics/Economic_and_Revenue_Updates/documents/2020/Feb_2020_FB.pdf.