California’s Tax Revenue Is $16.7 Billion Above Projections
State revenue for the first nine months of the current fiscal year is $16.7 billion ahead of the projections in Governor Gavin Newsom’s January budget proposal, the Department of Finance announced April 23. In March alone, the state collected $2.3 billion more than the $8.9 billion the governor had predicted for the month. The governor’s budget, which will be updated in mid-May, anticipated revenue of $120.5 billion in the first nine months of 2020-21. “A significant amount of receipts above…