Tags: california | muni

California Cash Deficit Widens to $2.5 Billion

Tuesday, 10 Jan 2012 05:57 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
California tax collections since the fiscal year began in July have fallen short of the budget estimate by $2.5 billion, the state controller’s office said.

Revenue fell $1.4 billion below expectations in December alone, Controller John Chiang said in a statement Tuesday. The revenue shortfall since the start of the fiscal year had declined to $1 billion by the end of November. Chiang also said that revenue in December came in $165 million below what Governor Jerry Brown projected in his latest spending plan, unveiled Jan. 5.

“While we saw positive numbers in November, December’s totals failed to meet even the latest revenue projections,” Chiang said in a statement. “Coupled with higher spending tied to unrealized cost savings, these latest revenue figures create growing concern that legislative action may be needed in the near future to ensure that the state can meet its payment obligations.”

© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Rand Paul Answers McCain: Let's Not Get Personal Over ISIS

Wednesday, 17 Sep 2014 23:03 PM

Sen. Rand Paul says he doesn't want to get personal in his response to an attack on Monday by Sen. John McCain, who said . . .

Pope Faces Serious Islamic Threat on Albanian Trip

Wednesday, 17 Sep 2014 22:26 PM

Concluding his weekly catechesis in St. Peter’s Square Wednesday, Pope Francis asked the faithful to accompany him in pr . . .

Rep. Chaffetz: Feds Clueless on Terror Suspects Who Entered US

Wednesday, 17 Sep 2014 22:19 PM

Rep. Jason Chaffetz expressed concern Wednesday that Homeland Security Secretary Jeh Johnson claimed to know little abou . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved