California (STOCA1) tax revenue trailed forecasts in February for the third consecutive month, coming in $146.3 million or 3.2 percent below projections in Governor Jerry Brown’s budget, the state controller’s office said.
Controller John Chiang, in a press release, attributed much of the shortfall to a “large increase” in early tax refunds issued in February.
Monthly revenues in the most-populous state have trailed Brown administration projections since November, according to updates from Chiang’s office. The controller said state officials have developed short-term measures such as internal and external borrowing to prevent California from running out of cash in March.
“While revenues continue to track below projections, the cash conservation measures that were quickly and decisively adopted last month will ensure that the state will be able to pay its bills for the remainder of this fiscal year,” Chiang said in the press release.
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