| June 11
June 11 For the first time in six months, the
state of California's revenues in May fell short, by $389.1
million, or 5.5 percent, of Governor Jerry Brown's proposed
The state's revenues have been growing strongly this year
and still exceed the governor's expectations by $1.8 billion, or
2.1 percent, year-to-date.
"The overall budgetary health remains stable and there is no
threat to the state's ability to pay its bills on time and in
full," state Controller John Chiang said in an announcement on
Tuesday. "As lawmakers finalize their spending decisions in the
coming days, my office urges fiscal restraint with an eye toward
slashing the billions of dollars in debt accrued during the
In May, California collected $6.7 billion in revenues.
Sales, income and corporate taxes all came in lower than
expected for the month.
Cash reserves were $4.9 billion over projections. But the
state still suffers from a cash deficit of $8.5 billion, which
is being covered by internal and external borrowing.
California's fiscal year ends on June 30.
(Reporting By Robin Respaut; Editing by Peter Galloway)