State’s June Revenue $1.2B Higher Than Brown’s Estimates
On Wednesday, state Controller John Chiang (D) released data showing that the state's revenue in June -- the last month of the budget year -- was $1.2 billion higher than Gov. Jerry Brown's (D) estimates. Overall, the state has collected $2 billion more than previously forecasted for fiscal year 2012-2013. However, Chiang noted that the state ended FY 2012-2013 with a cash deficit of $2.4 billion, which will be covered by internal borrowing from special funds.
- "California Tax Revenue Beats Projections, Chiang Says" (Siders, "Capitol Alert," Sacramento Bee, 7/10).
- "Controller Confirms State's June Revenue Was Above Estimates" (Arns, Sacramento Business Journal, 7/10).