On politics in the Golden State
July 19, 2012 | 7:00 am
California ended the last fiscal year on a high note, raking in 5.6% more tax revenue than expected in June.
Income taxes were responsible for most of the boost, coming in at 8.4% above projections.
The details were released in a report from Gov. Jerry Brown’s Department of Finance, and they show that revenue is outpacing revised estimates made in May and codified in the budget signed last month.
But that doesn’t mean the last several months weren’t financially difficult for California. When revenue is compared with expectations set when the 2011-12 budget was approved, taxes fell short by 4.8%, or $4.2 billion.
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