I find it interesting that the State Controller has to watch a single California company so closely to see how our budget is going. The SacBee is watching him closely, too.
California missed its November revenue target by $806.8 million, or 10.8 percent, after a bad projection about tax proceeds from Facebook insiders and an unexpectedly high amount of corporate refunds, the state Controller's Office said Friday.
And the spending side is not looking great either
For the first five months of the fiscal year, the state has taken in $802.4 million less in revenues than expected, equal to 2.6 percent. The State Controller's Office also says the state has spent $2.1 billion more than expected.
State revenues and expenditures fluctuate throughout the fiscal year due to timing of payments and program spending. The bulk of additional 2012 tax revenue from just-approved Proposition 30, for instance, is not expected until April. The nonpartisan Legislative Analyst's Office has projected a $1.9 billion deficit between now and June 2014.
Any bets on whether the Prop. 30 money meets the forecast?