California State Revenue In April $3.6 Bil. Below Estimates

[Kadie]

May 7, 2010 11:30 am US/Pacific
State Revenue In April $3.6 Bil. Below Estimates
Controller John Chiang Urges Governor And Legislature To Quickly Agree On Budget Plan

SACRAMENTO (AP) ― State Controller John Chiang is urging the Governor and the Legislature to come to an agreement on balancing the state budget as soon as possible in order to compensate for a revenue shortfall in April.

In a report released Friday, Chiang says the state's cash balance, receipts, and disbursements in April missed the Governor's 2010-11 budget estimates by $3.6 billion, over 26 percent.

"Four months of positive receipts were erased in the last 10 days of April," said Chiang. "Because a surge in revenues has not come, the Governor and Legislature need to move quickly and forge the consensus needed for a balanced budget. Any delay will only limit their options and expose already struggling Californians to greater harm."

Chiang says personal income taxes were the biggest reason for the drop in revenue. They were down $3.1 billion in April.

Through March, the state's revenues were $2.3 billion higher than projections. Year-to-date estimates are now behind by $1.3 billion.

more...
http://cbs13.com/californiapolitics/state.budget.misses.2.1681738.html

[RUMMYisFROSTED]

1. I'm surprised that Arnold Schwarzenegger didn't turn it around.

It seemed like such a logical decision at the time!

:think:

[JDPriestly]

2. I'm surprised Arnold Schwarzenegger hasn't resigned by this time.

That would be the logical decision. Schwarzenegger said he would cut the fat. Either there was no fat or he couldn't find it.

A health and fitness fanatic who smokes? You've got to be kidding. That's not rational, and Schwarzenegger is not a rational man. He is a man who needs instant gratification, easy answers and an exaggerated feeling of power.

He had never been able to understand just what his relationship is supposed to be with the California legislature. That's understandable. He grew up in a parliamentary system.

Schwarzenegger knew how to grab wealth for himself. Being able to make money for yourself and having a lot of rich friends does not qualify you to be governor (or president). In fact, I'm beginning to think it should disqualify you. The only really good president we have had in recent times who was very wealthy at the time he took office was FDR. And look whose side he took against his wealthy friends. Schwarzenegger never dared side against his wealthy friends.

What a loss of nearly eight years.