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December Revenues Fall Short

Sacramento, CA — State revenues for December came in $165.2 million below Governor Jerry Brown’s latest projections.

The financial report was released Tuesday by State Controller John Chiang, who warned that lawmakers will need to make more cuts if this slide continues.

“While we saw positive numbers in November, December’s totals failed to meet even the latest revenue projections,” says Chiang. “Coupled with higher spending tied to unrealized cost savings, these latest revenue figures create growing concern that legislative action may be needed in the near future to ensure that the State can meet its payment obligations.”

California faces a roughly $9.2 billion shortfall for the upcoming fiscal year. The Governor’s latest projections had been released last week when he proposed his 2012-13 budget.