California July Revenue Missed Budget Forecast by 9.2%, State Agency Says

California revenue fell short of budget estimates by $541 million or 9.2 percent last month, the first of the 2012 fiscal year, the state Finance Department reported.  The data was in line with figures from Controller John Chiang, who said Aug. 9 that cash receipts for the month missed the forecast by $538.8 million. Chiang said the miss may mean further budget cuts are needed for fiscal 2012.  Of the $541 million shortfall in the Finance Department calculation, $166 million was likely due mostly “to the timing of deposits,” according to the Finance Department bulletin. The amount included receipts from tribal gaming and regulatory fees.

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