State cash figures about $1.3 billion below projections

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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