California’s controller, John Chiang, said the state’s April cash receipts fell below budget estimates by $3.6 billion, or 26.4 percent.
Cash receipts have been above estimates for the past four months, tracking more than $2.3 billion ahead of projections through March.
“Four months of positive receipts were erased in the last 10 days of April,” Chiang said in a news release. “Because a surge in revenues has not come, the governor and Legislature need to move quickly and forge the consensus needed for a balanced budget. Any delay will only limit their options and expose already struggling Californians to greater harm.”
Through april, revenue is off by about $1.3 billion.
Chiang attributes the decline in receipts mainly to personal imcome taxes, which came in $3.1 billion below projections for April and are $2.2 billion short for the year so far.
The good news is the state is spending below projections. Expenditures for April were about $102 million behind estimates through April.
The state now has a $20.2 billion cash deficit in the General Fund. The gap is being covered through $11.4 billion in internal borrowing from special funds and $8.8 billion in short-term Revenue Anticipation Notes, Chiang said.
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