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Friday, October 09, 2009

California Controller: "Prepare for more difficult decisions ahead"

by Calculated Risk on 10/09/2009 05:23:00 PM

From California State Controller John Chiang: Controller Releases September 2009 Cash Report

State Controller John Chiang today released his monthly report covering California’s cash balance, receipts and disbursements in September. For the first three months of the fiscal year, total General Fund revenue was nearly $1.1 billion below the recently amended 2009-10 Budget Act estimates.

Revenues more than $1 billion under estimates and recent adverse court rulings are dealing a major blow to a budget that is barely 10-weeks old,” said Controller Chiang. “While there are encouraging signs that California’s economy is preparing for a comeback, the recession continues to drag State revenues down. I urge lawmakers and the Governor to prepare for more difficult decisions ahead.”
emphasis added
Here are the September 2009 financial statement and summary analysis.

Just add this to the pile of state budgets falling short ...

  • From Bloomberg: New York Income Tax Revenue Falls 36% in Year, Paterson Says

  • From Reuters: Massachusetts government to announce emergency budget cuts