Governor Indicates Tax Receipts Higher than Forecasted

This week, Governor Gavin Newsom announced that General Fund revenues are running approximately $14.3 billion above January’s revenue forecast, boosted by February receipts exceeding the month’s projections by nearly $4 billion. According to the Governor’s Office, nearly 60 percent of February’s gain is attributed to timing with lower refunds caused by later enactment of the $600 one-time Golden State Stimulus than initially anticipated, as well as fewer-than-expected state tax refunds due to a delayed federal start to the tax filing season.

As the Governor’s May Revise Budget release nears, additional details and updated projections are anticipated. More information from the Governor’s Office is available here.