Echoing a similar report released by the state controller’s office last week, California’s Department of Finance this week reported that general fund revenue in August was lower than expected.
This came even after revenue projections were revised downward as part of budget revisions adopted by the Legislature in July.
General fund agency cash for August was $5.634 billion, or $213 million below the forecast in the amended 2009 Budget Act, according to the department’s monthly finance bulletin.
The budget act had already reduced projected revenue for the month by $217 million.
Controller John Chiang, in his own independently produced monthly report, had found general fund revenue to be $237 million below budget estimates.
A more significant test lies ahead, according to the Department of Finance report.
“Although August is a significant revenue month, September is more important because estimated payments for personal income tax filers and calendar-year corporations are due mid-month,” the report said.