State Budget News Through February Not So Good

The latest state controller's report through February on cash flows into and out of the general fund indicates that we are down about $6.5 billion in revenue from last year.  Most of that drop is due to the fact that the governor did not get the tax extensions he proposed when the budget was finally enacted.  But about $800 million is below the projections he made in the budget documents that accompanied his January proposal for next year's budget.  Spending came in somewhat under his January projections.

The controller's latest report is at:
http://www.controller.ca.gov/Files-ARD/CASH/fy1112_feb.pdf

Maybe it's just February: