Sacramento surprise!

Last year, the legislature, after some dramatic moments described in an earlier post, passed a budget with phantom revenue of an extra $4 billion. This added revenue, above and beyond what was forecast for any particular tax, was assumed to materialize somewhere - although no one could specify where.

Today, the state controller has issued his cash statement for the first eleven months of this fiscal year and it appears that revenues so far are short by - you'll never guess! - $4 billion compared to the budget passed last June.

Must be a coincidence.

In any case, you can find this information and more in the controller's cash statement (page B1) at:
http://www.sco.ca.gov/Files-ARD/CASH/fy1112_may.pdf

We did ask for an explanation from someone in the legislature: