California Revenue Shortfall to Trigger $1 Billion of Cuts
December 22, 2011, 9:17 AM ESTBy Michael B. Marois
Dec. 13 (Bloomberg) -- California Governor Jerry Brown will cut $1 billion in spending from the current budget, saying the economy won’t produce revenue he built into the plan in June, triggering automatic reductions.
Brown took action as his finance office predicted revenue for the fiscal year that began in July will fall $2.2 billion below budgeted levels.
To contact the reporter on this story: Michael B. Marois in Sacramento at mmarois@bloomberg.net
To contact the editor responsible for this story: Pete Young at pyoung13@bloomberg.net
