Saturday, December 8, 2012

California state revenue misses projection by almost $1 billion

Here we go again.

"November's disappointing revenues stand in stark contrast to recent news that California is leading the nation in job growth, has significantly improved its cash liquidity to pay bills, and even long-distressed home values are starting to inch upward," Mr. Chiang said in a statement. "This serves as a sobering reminder that, while the economy is expanding, it is doing so at a slow and uneven pace that will require the state to exercise care and discipline in how its fiscal affairs are managed in the coming year."

According to the report, revenues in the month of November were $842.5 million (19 percent) under projections.

Mr. Chiang and other officials blamed part of the shortfall on Facebook, the California-based social media giant that has failed to live up to some market expectations since the company went public in October.

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