Jan 11, 2009
In November, the administration projected a $24 billion drop in revenues from the estimates in place a few months earlier when the 2008–09 Budget Act was adopted. Now, due to the worsening economy, the administration projects an additional $7 billion decline in revenues. Combined with the state’s chronic operating shortfall and rising expenses, the administration projects that the state would end 2009–10 with a deficit of $40 billion absent corrective action.
More information: Overview of the Governor’s Budget. California Legislative Analyst’s Office
