(Victor Valley)– – George Runner announced today that the State Board of Equalization collected $1.86 billion in general fund sales and use tax revenue last month, surpassing the state’s $1.74 billion budget estimate.
“This is good news for the State of California,” said Runner. “Let’s hope that stronger tax revenues are a reflection of a recovering economy rather than merely the result of higher prices.”
Runner noted that October’s revenues came from sales taking place prior to the gas price spike of early October. Retailers must file returns monthly, quarterly or annually depending on the size of their business.
According to Runner, the state’s year-to-date general fund sales and use tax revenues are now meeting projections. From July 1 through October 31, the state received $6.5 billion in revenue, narrowly exceeding the state’s budget projection.
Elected in November 2010, George Runner represents more than nine million Californians as a member of the State Board of Equalization. For more information, visit www.boe.ca.gov/Runner.