California Controller Reports State Revenues Exceed March Projections
April 27, 2017
March state revenue reports were positive, with the State Controller's office reporting revenues of $1.73 billion, or 29.2 percent, higher than the governor’s proposed 2017‑18 budget.
For the first nine months of the 2016-17 fiscal year that began in July, total revenues of $80.91 billion are $607.3 million below last summer’s budget estimates, but $837.1 million ahead of January’s revised fiscal year-to-date predictions. School districts across the state will be relying on strong income tax receipt collections this month in order for the state to either reduce or eliminate in its entirety the governor’s proposed $859 million two week deferral payment in Proposition 98 funding.
The state budget subcommittees have indicated their budget priorities will include restoration of preschool and childcare slots and increasing the reimbursement rates for providers, augmenting investments to address the persisting teacher shortage, and leveraging any new one-time funding for certain Democratic priorities.