State Controller Launches New Revenue Tracker
April 6, 2107
April is a pivotal month for the state’s overall budget picture as a large number of tax returns are added to the books. Governor will be watching the numbers closely and thanks to the State Controller’s Office (SCO), the public can too. Daily personal income tax receipt totals are now available on the SCO’s recently launched revenue tracking website.
As reported by the SCO, by the end of Match, personal income tax receipts for the 2016-17 fiscal year totaled $54.9 billion, 1.1 percent higher than anticipated in the governor’s budget proposal. April returns will be critical in setting the tone for the May Revision.
Since the preliminary budget was released in January, lacking reference to several key issues to counties, the fate of state-provided county funding has been left largely uncertain. Come May Revision, due to the Legislature by May 14, counties will have more answers which CSAC will provide through the Budget Action Bulletin.
In the meantime, counties may gain a better sense of the state’s financial position going into the May Revise by accessing the SCO’s revenue tracker and monitoring daily income tax receipts. The daily tally provided by the SCO is accompanied by a chart showing how the running total compares to the $13.5 billion estimate of April personal income tax receipts in January’s proposed budget.