SACRAMENTO
– George Runner announced today that 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.
“This
is good news for the State of California,” said Runner. “Let’s hope
that stronger tax revenues are a reflection of a recovering economy
rather than merely the result of higher prices.”
Runner
noted that 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.
According
to Runner, 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.
