$5 Billion In 5 Days
That’s the amount of revenue the state needs to receive in order to meet April’s cash projections. What was once a somewhat-rosy financial picture over the last few weeks appears to be withering away.
The state took in about $574.5 million in personal income tax receipts on Friday, April 23, taking the monthly total to $5.2 billion. The Administration’s projections assumed the state would take in $10.2 billion in April.
The state collected about $2.7 billion more in total revenues than expected through March, but that cushion seems to be shrinking by the day.
Updated revenue information will inform the Governor’s preparation of his May Revision to the budget, anticipated for release on May 14, 2010.
[H/T to John Myers at KQED, Capital Notes and Torey Van Oot at Sacramento Bee, Capital Alert]