March 17, 2008 - February General Fund Revenues Reported
By David Walrath
The California Department of Finance reported the State General Fund revenues for February. The report reflects the uncertainty in the California economy. While personal income tax withholding receipts were greater than estimated, sales tax revenues were less. The general comment is that the January and February combined state revenues are abound on track with the Governor’s January budget estimates.
April revenues, used for the May Revision, are significantly greater than the January and February revenue estimates. Consequently, if the current trend continues there might not be a bad news surprise at the May Revision. Nobody so far is expecting anything better than no additional bad news.
