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|April 14, 2021|
California’s improving revenue picture
SACRAMENTO – (INT) – California’s General Fund revenues are exceeding expectations, according to Governor Newsom.
Revenues for January ran $14.3 billion above the forecast and receipts for February exceeded the month’s projections by $3.8 billion.
State officials said Monday that nearly 60 percent of February’s gain can be attributed to timing: lower refunds caused by later enactment of the $600 one-time Golden State Stimulus than expected in the budget, as well as fewer-than-expected state tax refunds tied to a delayed federal start to the tax filing season.
Governor Newsom declared that “much of these revenue gains are providing immediate relief for individuals and families through the Golden State Stimulus, and for struggling small businesses through a more than $2 billion boost to our investment in relief grants.”
Story Date: April 8, 2021