California celebrates unexpected windfall

April 8, 2011 10:54:08 PM PDT
California is celebrating an unexpected windfall.

A surprise boost in income tax revenues in March netted $2.1 billion over estimates. Most of it is because California paid out $953 million less in refunds that projected by the Department of Finance.

So far the state is $2 billion over projections for the 2010-11 fiscal year. State Controller John Chung attributes the rise to decent gains in employment, incomes and hours.

Higher revenues are expected to continue this month and they could help to reduce California's $15.4 billion deficit.

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