Less money than expected

Making projections about the state budget has been complicated by an extension of the due date for 2022 income tax returns. But the Legislative Analyst's Office (LAO) now is saying that significantly less money has arrived than anticipated in those later-than-usual payments and due to a general slowing down on the economy:

From the Legislative Analyst's Office (12-1-23):

With the recent receipt of various postponed tax payments, the impact of recent economic weakness and last year's financial market distress on state revenues has become clearer. The postponed payments came in much weaker than anticipated. As a result, we now estimate 2022-23 revenues to be $26 billion below Budget Act projections. Historical experience suggests this weakness is likely to carry into this fiscal year and next. Overall, our updated revenue outlook anticipates collections to come in $58 billion below Budget Act projections across 2022-23 to 2024-25. We will release our Fiscal Outlook next week, which will discuss the ramifications of this revenue shortfall for the state's budget...

Full publication at https://lao.ca.gov/LAOEconTax/Article/Detail/777.