The latest cash report from Controller John Chiang shows
California ended the final month of the fiscal year with more money
than state leaders originally expected……but with less than they
were counting on in the recently adopted state budget. The
state spending plan assumes one-point-two billion dollars in
additional May and June revenue….and only about 850 million dollars
of that materialized. Chiang says the report shows many
positive signs - including growth in all three major sources of
revenue in June: sales, income and corporate taxes. But
he notes the budget's success relies on continued economic
expansion. Lawmakers are counting on an additional four billion
dollars this fiscal year. If that doesn't turn up, a set of
deeper cuts to schools and other programs will be
triggered.
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State Revenue Already Falling Short Of Expectations
Photo by thisisbossi/Flickr
According to an update from the State Controller, California is already behind the revenue estimates in the recent state budget.
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Monday, July 11, 2011