Four months into the new fiscal year, California is $1.5 billion short of meeting its revenue goals, according to a report released today from State Controller John Chiang.
“Unless revenues and expenditures begin to track with projections, the State will face increasing cash pressure in the months ahead,” Chiang said in a statement on the California State Controller’s Office website.
This bodes badly for the University of California, which faces a $100 million “trigger” cut if state revenues do not meet projections by mid-December. So far, every monthly revenue benchmark has been missed since the state’s fiscal year began in July.
Compiled by Loic Hostetter, Bruin senior staff.