California August revenue beats forecasts

State Controller Betty Yee said in a statement that "under our outdated tax structure, revenues fluctuate greatly from month to month."

California’s August revenue of $8.56 billion outpaced expectations by $425.2 million or 5.2 percent.

Personal income tax receipts totaled $4.79 billion in August. That was $373.4 million, or about 8.5 percent, higher than predicted.

Corporation tax receipts totaled $72.8 million, about $49.7 million, or 40.6 percent, short of expectations. For the fiscal year to date, they are nearly 25 percent lower than anticipated. 

Retail sales and use tax receipts of $3.24 billion were just $20.8 million, or 0.6 percent, lower than expected. For the fiscal year to date, sales tax receipts are 5.6 percent lower than expected. 

In July, the state's revenue missed projections by $591 million, or 9.8 percent, due to lower than expected sales, personal income and corporate taxes.

(Reporting by Robin Respaut; Editing by Matthew Lewis)