Home > Uncategorized > California revenues already 10% below budget after one month . . . need to address now?

California revenues already 10% below budget after one month . . . need to address now?

California Controller Johnn Chiang reports that only one month into the new July 1, 2011-June 30, 2012 fiscal year California’s budget is already 10% or $539 million below the revenue projections that the state used when the budget was just recently signed.  Now, you have to admit that there is a problem with the projection process.  However, it is too soon to run for the hills–hopefully this is a short-term or timing problem which will correct in August, but I wouldn’t count on it.  As it is now August 10, if I was a legislator in California I would be closely tracking the August revenue and expense numbers.  If this truly is an ongoing budget projection error, better to address early rather than too late.  The following is a link to a SF Gate article on the topic, Click Here.

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