California revenues in November were $840 million below the forecast in the state's budget mainly due to lower tax collections from Facebook's initial public offering, according to the Department of Finance.
Aside from also being lower, revenue stemming from the Internet company's share sales came more in October than expected, leaving estimates for November short, according to the department. Higher-than-anticipated tax refunds by corporations during the month also contributed to the drop, the DOF said.
California's revenues are now $936 million below year-to-date projections in the budget, according to finance officials.
Earlier this month Controller John Chiang said state revenues came in $806 million below projections in this fiscal year's budget, citing similar reasons as the department.
The two state agencies use different methodologies and timing when tallying state revenues.