The state’s money situation is kind of a good-news, bad-news deal according to Controller John Chiang’s latest report on California’s finances.
Beginning with the bad news: The state’s revenues were down $827 million (or 13.5 percent) from estimates in the governor’s proposed May budget revision.
The good news: California won’t run out of cash until the end of July. Chiang projects the state will run $2.78 billion into the red on July 31.
OK, maybe it’s more of a bad-news, bad-news report.
“While the severity of the shortfall has worsened since my last letter, the time available to correct our budget and cash deficits has not materially changed,” Chiang wrote in a letter to Gov. Schwarzenegger and legislative leaders. “The state will run out of cash in less than 50 days without corrective action by the Legislature and Governor.”
Meanwhile the joint legislative budget conference committee continues to meet.
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