On Wednesday, the Legislative Analyst's Office estimated that April revenues will leave California "a few billion dollars" short of Gov. Jerry Brown's (D) budget expectations through June 2013, the Sacramento Bee's "Capitol Alert" reports.
Revenue Details
Brown had estimated as part of his budget proposal for the 2012-2013 fiscal year that the state would collect $9.4 billion from personal income tax collections this month. However, LAO predicts that personal income tax revenues for April will be more than $2 billion below Brown's projection for the month.
According to LAO, the state already was behind in collecting personal income tax revenue, so total revenues likely will be $3 billion short of Brown's updated projections for the fiscal year.
LAO also said corporate taxes are likely to come in about $450 million below expectations through April. The analyst's office said that unless sales taxes are robust, the state will be about $3.5 billion below expectations for the fiscal year.
Next month, Brown will issue a revised budget that incorporates April tax revenues. April is considered the state's biggest collection month (Yamamura, "Capitol Alert," Sacramento Bee, 4/25).