State Controller John Chiang released the state revenue report for May today, and bottom line: Things are getting worse.
Underscoring the severity of California’s cash crisis,, who has previously warned the state’s government risks running out of cash without a budget deal, said revenues in May fell by $1.14 billon, or 17.7 percent, from a year earlier.
Additionally, the revenues of the government of the most populous U.S. state fell short of estimates in Schwarzenegger’s budget plan by $827 million, Chiang said.
He warned California’s state government is speeding toward a financial disaster unless officials act urgently to balance its books.
“Without immediate solutions from the governor and legislature, we are less than 50 days away from a meltdown of state government,” Chiang said in a statement.
Reuters has more on the story here.