State cash figures about $1.3 billion below projections
There's a golden rule in politics: Bury bad news on a Friday afternoon. And that's just what the state controller's office has done with the latest batch of state revenue figures.
A release from John Chiang's office says the state's already grim fiscal picture just got a little worse. April's "receipts dropped below the Governor’s 2010-11 budget estimates by $3.6 billion, or 26.4 percent. Through March, the state's revenues were tracking more than $2.3 billion ahead of projections."
A quick bit of rough math indicates that, through April, the state's overall revenue figures are about $1.3 billion below projections.
Have a nice weekend!
--Anthony York in Sacramento