California sees strong revenue in January
California raked in far more tax money than expected last month, according to a report from the state controller, who tracks the state’s cash flow.
Total revenue was $4.3 billion higher than the latest projections from Gov. Jerry Brown’s administration, giving the state its best numbers for any January in the last decade, the report said.
“It signals that California may be entering an era where we can govern outside of crisis,” Controller John Chiang said in a statement. He also cited other positive economic news, such as increased sales of cars and higher home values.
He cautioned, however, that the state may not see a windfall in the end.
“Given our state’s troubled history with boom-or-bust revenue cycles, this good news must be tempered with increased fiscal discipline,” he said.
The Department of Finance, which plans state spending, will release its own report on January tax revenue this month.
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Twitter: @chrismegerian
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