Compared with the state's original budget, California finished the first half of this fiscal year $1.4 billion below revenue projections. But the dollars make more sense when you look at the projections in next year's budget that Governor Jerry Brown rolled out last week. That spending blueprint includes revised expectations for this year - and the mid-year "trigger" cuts now in effect.
Given all that, the state is $160 million short through the end of December. That's a relatively manageable amount with a budget the size of California's. But Controller John Chiang says the latest cash figures "create growing concern" that the legislature may need to take action before the fiscal year ends in June to make sure the state can pay its bills.