SACRAMENTO – California revenues of more than $10.57 billion for September beat projections in the 2016-17 Budget Act Gov. Jerry Brown signed in June by $151.6 million, or 1.5 percent, State Controller Betty T. Yee reported this week.

Total revenues have outpaced expectations for two straight months after four months of shortfalls.

The fiscal year-to-date total of $24.55 billion in revenues is now just 0.1 percent below estimates.

Personal income tax (PIT) continues to represent the largest portion of General Fund receipts.

September PIT receipts of almost $7.14 billion exceeded budget projections by $127.7 million, or 1.8 percent.

Three months into the new fiscal year, California has collected total PIT receipts of almost $16.32 billion, topping estimates by $177.8 million – a difference of 1.1 percent.

Corporation taxes – which surge when quarterly payments arrive in March, June, September, and December – came in at just over $1.02 billion for September, which was 14 percent ($166.3 million) lower than anticipated.

By contrast, corporation tax receipts for August were only $72.8 million. For the first three months of the fiscal year, total corporation tax receipts of $1.32 billion are $265.5 million less than predicted in the 2016-17 Budget Act – a shortfall of 16.7 percent.

Retail sales and use tax receipts of just over $2.00 billion beat expectations by $208.4 million, the largest margin of the “big three” revenue sources at 11.6 percent.

For the fiscal year-to-date, sales tax receipts of nearly $5.94 billion are just $25.8 million under estimates, or 0.4 percent.

The state ended the month of September with unused borrowable resources of more than $28.51 billion, which was $2.02 billion more than predicted in the 2016-17 Budget Act.

Outstanding loans of just under $10.53 billion were $50.4 million less than projected. This loan balance consists of borrowing from the state’s internal special funds.