Some good news for the State of California…
The State Board of Equalization collected $1.86 billion in general fund sales and use tax revenue last month, surpassing the state’s $1.74 billion budget estimate.
The state’s year-to-date general fund sales and use tax revenues are now meeting projections. From July 1 through October 31, the state received $6.5 billion in revenue, narrowly exceeding the state’s budget projection.
October’s revenues came from sales taking place prior to the gas price spike of early October. Retailers must file returns monthly, quarterly or annually depending on the size of their business.
Let’s hope that stronger tax revenues are a reflection of a recovering economy rather than merely the result of higher prices.