February Revenues Outpace Estimates by $968 Million
There’s even more good news on the revenue front: state income for February is up 20.9% over estimates, according to State Controller John Chiang.
That means California is seeing nearly a billion dollars more than projected in Gov. Jerry Brown’s January 2014 budget proposal.
Under Proposition 98, California’s public schools generally receive about 40 cents on every dollar in general fund revenues.
CTA’s support for Proposition 30, the revenue measure approved by voters, paved the way for the higher revenues, which the controller’s office attributes to retail sales taxes and personal income taxes.
For more details on today's report, read the financial statement and summary analysis.