California’s Department of Finance said general fund July revenue came in $541 million below the forecast in the recently adopted budget. The figure fell more than 9% short of the fiscal 2012 budget forecast of $5.86 billion, confirming a similar reading released last week by Controller John Chiang.

If revenue fails to line up as expected during the year, cuts will be triggered in the budget at various stages depending on the severity of the shortfall.

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