California Slashes State Tax Revenue Outlook Ahead of Bond Sales
- Oct. revenue collections came in $24 billion below estimates
- California’s outlook has been complicated by tax-filing delay
As of Oct. 25, a total of nearly $18 billion was collected so far this month — significantly lower than the $42 billion of collections that were previously projected for all of October.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
California is poised to fall well short of its budget forecasts as the recent stock market slump erodes the state’s tax revenue.
As of Oct. 25, a total of nearly $18 billion was collected so far this month — significantly lower than the $42 billion of collections that were previously projected for all of October — according to an update from the state’s Department of Finance late Friday. The shortfall comes as the state prepares to close out its seasonal autumn sale period for state-issued municipal bonds.