California’s Uptick in Tax Revenue

As Calpeek shared a few weeks ago, the State’s Legislative Analyst’s Office released a report warning of a potential $25 billion budget gap – a far turn from the $97 billion surplus of last year.  Just as the news was settling in, the state Department of Finance announced in its Finance Bulletin that we collected more than $7 billion in tax revenue in October alone – that’s 179% above projections.  However, before we get excited and seek ways to spend the windfall, it’s said to be just a one-time gain.

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