July Revenue Uptick a Ray of Sunshine for California Budget, but Officials Remain Cautious

Published on August 13, 2024

California’s personal income and corporate tax revenues came in above expectations for July—the first month of the fiscal year—as well as the prior fiscal year, according to preliminary data from state agencies. Jason Sisney, budget director for Assembly Speaker Robert Rivas’s office, reported in an Aug. 5 Substack post that July revenues exceeded forecasts by 16.4 percent—coming in $1.26 billion higher than expected. Corporate taxes accounted for $844 million of the surplus—due to what he said was an “unusually robust receipt day.” While $521 million in corporate revenue was anticipated for the month, $805 million came in on July 16. July is typically a slower month for tax collections. The bump could be due to payments from a large corporation, but privacy laws prevent disclosure of specific taxpayer information, Sisney noted....

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