Missing the Forecast

The latest controller's monthly report indicates that state general fund revenues are $29.5 billion below the levels forecast back when the current state budget was enacted in June. They are also $6.4 billion below what was forecast in January when the governor made his proposal for the 2024-25 budget. Much of the gap comes from personal income taxes - probably in the capital gains category. 

The latest figures are at https://sco.ca.gov/Files-ARD/CASH/January2024StatementofGeneralFundCashReceiptsandDisbursements.pdf.