State budget leans heavily on Facebook

From U-T San Diego:

In California, there are at least $1.9 billion reasons to like Facebook.

That’s the staggering amount of money Gov. Jerry Brown and lawmakers are counting on as investors cash in on Facebook’s Initial Public Offering.

The anticipated windfall has generated a number of questions — not just for the state budget, but for public employee retirement systems vested in the company’s success.

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