DOF Publishes March Finance Bulletin
The California Department of Finance (DOF) this week issued its March finance bulletin, providing a statewide economic update and detailing labor and revenue conditions. Notably, preliminary General Fund cash receipts for the first eight months of 2021-22 fiscal year were $17.534 billion above the 2022-23 Governor’s Budget forecast of $117.301 billion. Cash receipts for the month of February were $1.682 billion above the forecast of $7.946 billion.
According to DOF, $6.265 billion of the total additional revenue through eight months is due to higher-than-expected Pass-Through Entity (PTE) elective tax payments under the corporation tax. Personal income tax cash receipts to the General Fund for the first eight months of the fiscal year were $10.019 billion above the forecast of $81.162 billion. Lastly, sales and use tax cash receipts for the first eight months of the fiscal year were $1.299 billion above the forecast of $20.637 billion.
The full DOF March Finance Bulletin is available here.