California controller outlines shortfall, says key months ahead

From Sac Bee:

As state leaders hope for a surprise uptick in revenue this spring, state Controller John Chiang reported Tuesday that California lagged last month by $233.5 million, or 4.2 percent.

The state missed its target most in corporate income taxes, which were $125.8 million (8.2 percent) off the mark. Income taxes and sales taxes were each less than 2 percent behind Gov. Jerry Brown’s revenue forecast. For the fiscal year that ends in June, the state is now trailing Brown’s expectations by nearly $1.1 billion, or 1.9 percent.

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