Specialist Michael Gagliano, foreground, works with traders at his post on the floor of the New York Stock Exchange, Monday, Feb. 1, 2016. The stock market’s problems likely contributed to lower-than-estimated California income tax revenue in January, the LAO reports. (Richard Drew AP)
By Jim Miller
February 3, 2016 3:53 PM
- Preliminary income tax revenue for January $260 million less than proposed budget estimate
- Corporation tax for month $93 million above estimates
- LAO cautions that “continued stock market weakness” could mean lower revenue through June
It’s been a heady ride for California finances in recent years, with budget revenue outpacing estimates by billions of dollars, buoyed along by the state’s healthy economic growth in 2015.
Could that trend be coming to an end?
Read the rest of this entry »