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Bleak Revenues Ahead of Brown's Next Budget Proposal

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(Sacramento, CA)
Tuesday, May 8, 2012

Tax Month is the most critical month of the year for California revenues - and this April has sent the budget outlook into critical condition.  Personal income taxes: 22 percent below projections.  Sales tax receipts: 55 percent short.  And corporate taxes missed the mark by nearly 10 percent.

In January, Governor Jerry Brown estimated California's budget deficit at about $9 billion.  But revenues are already $3.5 billion dollars below that projection.  So there is no doubt the deficit will go up when Brown releases his revised spending plan on Monday.  But simple math is never that simple when it comes to the state budget - and just how much bigger the deficit will be is unclear.

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