Deputy legislative analyst Jason Sisney says as best his office can tell, the state will bring in $6.5 billion less than the governor projected - even after a big infusion from Facebook's upcoming stock sale.
Sisney: "California's tax structure is very dependent on income tax payments related to capital gains, made disproportionately by the state's wealthy. And what we've seen in the last few weeks is considerably weaker payments than expected."
That doesn't precisely transfer into a new deficit figure. But it does suggest the gap will be wider. Sisney says April's income tax returns will clear things up quite a bit - and he recommends the legislature delay major budget decisions until the governor releases his May Revise budget proposal.