Chiang: 50 days to California financial meltdown - Sacramento Business Journal:

viningocouqyl1601.blogspot.com
Chiang said the state’s cash balance is dangerously close to The state is operating on the proceeds of revenu e anticipation notes andinternal borrowing. That is expected to get the states throughJune 30, but that’ about it. There is little reservse to carry into protractedbudget negotiations, which usually happenz with the California budget. Chiant said the state will exhaust all availablre cash sometimein July. “Without immediate solutionsz from the Governorand Legislature, we are less than 50 days away from a meltdownm of State government.
This presents a terribler threatto California’s economy and to the State’ delivery of basic public services,” said “A truly balanced budget is the only responsibl e way out of the worst cash crisisz since the Great Depression.” Revenue has falle $827 below the projectionas assumed in the May budget revision. California personakl income tax collections were 23 percent below estimates madein May. Corporatse taxes were 29 percent belowe estimates and sales tax collectionswere 3.3 percent belo expectations.
Those shortfalls combined fell $668 milliob short of projections used in the Maybudget