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California Revenues Continue to Lag Behind Expectations

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(Sacramento, CA)
Monday, March 12, 2012

State Controller John Chiang says February revenues came in about three percent below those in Governor Jerry Brown's budget proposal.  Chiang says that's largely because the state sent out a lot of early tax refunds last month.   Governor Brown says change is to be expected:

BROWN: "We try to make the best judgment we can, but we live in the global economy, we live in the American economy, and by May it could be a little better or a little worse; by November the same thing.  We live in a dynamic economy.  It's not like counting peas in a pod."

The legislature has rejected some of the cuts Brown has proposed to close the nine billion dollar budget gap, but the Governor is promising a balanced budget.  Controller Chiang says despite the latest figures, the state will be able to pay its bills for the rest of the fiscal year, which ends June 30th.
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