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California Misses Revenue Projections by $390M for May

California Misses Revenue Projections by $390M for May
Posted June 10th, 2014 @ 3:55pm by KFBK News - Tim Lantz

California's government cash reserve is still looking good despite having an off month for revenues.

According to Controller John Chiang's just-released cash report, we missed the budget projections for revenue in May by almost $390 million, but we're still ahead for the year because this was the first month revenues were off.

"So we've had a good year, relative to what we've witnessed in prior years," Chiang said. 

However, we're ahead of revenue projections by nearly $2 billion for the year to date.

"But we still need to be ever-vigilant. We need to be smart about how we handle our finances," he said. 

He also says the economy will go up and down, so it's critical the Legislature spends wisely.

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