PIT on Track to End April Somewhere Around $4.5 Billion Above Year-to-Date Projections. Today is the first day that total reports of PIT collections, net of refunds, have been below $200 million since April 8. This suggests that the peak period of April PIT collections may have finally ended. As of this afternoon, month-to-date collections total $12.86 billion, net of refunds (all funds). As of now, our best estimate is that the state will end April with PIT collections for the fiscal year to date, as of that time, somewhere around $4.5 billion ahead of the administration’s estimates. As day-to-day collection trends can vary, this figure certainly is subject to change and could go down slightly if, for example, refund activity accelerates.
Effects on State's Financial Bottom Line May Be Limited. As we have discussed since January, these additional revenues raise a number of challenging questions for next month's updated budgetary forecasts, and the corresponding improvement to the state's financial bottom line may be quite limited. This is because a large portion of the additional revenues may be required to be allocated to schools and community colleges...
Source: http://lao.ca.gov/laoapp/budgetlist/PublicSearch.aspx?PolicyAreaNum=70&KeyCol=744&Yr=2013 [Note: This link may be updated, depending on when you click on it.]
Anyway, it all adds up:
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