For the first six months of the 2016 fiscal year, state General Fund receipts increased by $588 million, 6.1 percent, over the same period a year ago, according to a December financial report released Wednesday by the State Controller’s Office.
Tax revenue from July 1 to Dec. 31 increased by $640.2 million, 6.9 percent, while non-tax revenue decreased by $52 million, 12.3 percent.
State Budget Director Lee Roberts said the revenue totals are about 1.2 percent higher than state budget projections for the first six months of the fiscal year. He cautioned that it’s too early to tell how the year will end financially, as more tax dollars come in during the final six months.
“The way the first half of the year goes is not necessarily the way the second half of the year goes,” Roberts said.
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Individual income tax revenue is up $489 million, 10 percent, over the first six months. Corporate income tax revenue is down $46 million, 8.6 percent. Sales tax revenue is up about $129 million, 4.1 percent.