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March Revenues Fall $233.5 Million Short of Expectations, Preliminary April Revenues Weak

April 13, 2012

This week Controller John Chiang released his March 2012 revenue report showing that the state’s monthly revenue projections fell $233.5 million, or 4.2 percent, below projections. The shortfall was in large part attributed to lower corporate tax revenues.

 
The March 2012 report is available on the Controller’s website. A summary is also available.
 
In the report, Controller Chiang noted that April revenues would be watched carefully, since income tax receipts would be reflected in April.
 
However, the Controller’s preliminary report of April receipts showed that only about $1.27 billion has been collected as of April 11. Gov. Jerry Brown’s budget assumes that a total of $9.13 billion will be collected in April.


 
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