Official: revenues $5.9 bil. short as of Jan. 31
Authoritative revenue report from Department of Finance released for January
As of January 31, 2024, California General Fund “agency cash” receipts are $5.9 billion below the Governor’s budget projections for the 2023-24 fiscal year, the official Finance Bulletin from the Department of Finance says. The bulletin compares actual receipts to those projected in the Governor’s January 10 budget package.
Fourth quarter personal income tax payments in January were 23% below the Governor’s budget projections. Corporation tax payments in December—not reflected in the January estimates—also were weak.
The Finance Bulletin is here: https://dof.ca.gov/wp-content/uploads/sites/352/2024/02/Finance-Bulletin-February-2024.pdf