State revenues both more and less

The state controller has released the cash report for the general fund through April. April is an important month because income taxes are generally due in that month.

Revenues July through April are more than was projected when the current year's budget was enacted last June to the tune of +$2.3 billion. (As blog readers will know, Gov. Brown tends to push for low estimates to hold down spending.) On the other hand, revenues are below projections made by the governor last January to the tune of -$681 million (which may help the governor hold down budgeted spending in the next year).

As might be expected, the volatile personal income tax is largely the source of both discrepancies.

You can find the report at:
http://sco.ca.gov/Files-ARD-Local/LocRep/10_April_2016.pdf