State revenues totaled $1.877 billion in May, $535 million more than forecast. Nearly all the higher-than-expected revenue reflects the timing of certain tax payments and refunds.

Net general fund revenues totaled $1.877 billion in May, $535 million (40.0 percent) more than forecast. Net receipts from income, corporate, and other taxes were above the forecast, and net sales tax receipts were below the forecast. For fiscal year 2022, year to date receipts are now $26.946 billion, $2.316 billion (9.4 percent) more than forecast. We estimate that about $1 billion of the fiscal-year-to-date variance reflects the timing of pass-through entity (PTE) tax payments and refunds.

• View the full memo, including tabular data
• Visit the Economic Forecast Monthly and Quarterly Updates landing page

Note: All results are preliminary and subject to revision. Monthly revenue variances should be interpreted with great caution. Wide swings in variances may be caused by variations in the rate at which receipts are received and processed and differences in the rate at which refunds are issued.