Gov. Brown unveils 2014-15 state budget plan.Gov. Brown has proposed a $106.8 billion state budget for the fiscal year beginning in July that reflects an improving economy, bumps public school funding by more than $6 billion and makes no mention of a $990 million universal kindergarten program sought by legislative Democrats. (Photo: Samantha Gallegos/Capitol Weekly)
Preliminary data from the Franchise Tax Board (FTB) indicate that December 2013 personal income tax (PIT) and corporation tax (CT) revenue collections were a combined $1.6 billion (20 percent) above monthly projections included in the state’s 2013-14 budget plan.
In 2013, the Legislature and the Governor agreed to a restrained state budget for 2013–14, and our forecast of state tax revenue collections has increased since last year. Accordingly, we now find that California’s state budget situation is even more promising than we projected one year ago.