Who Is Doing the Tax Revenue Projections for the State of California?
Because they’re not doing such a bang up job:
State tax collections plummeted unexpectedly in April, wiping out months of steady gains that legislators hoped would ease their budget troubles and restore California’s economy faster than experts predicted.
Revenue for April, the biggest revenue month because it is when most Californians pay their taxes, lagged projections by nearly 30% — roughly $3 billion, according to state officials. The drop was steep enough to erase improvements recorded in each of the four previous months.
Just when you thought state fiscal crises couldn’t get more out of control. That’s way to big to be a fat finger error.
This makes the projected budget deficit approximately $18.6 billion, according to the L.A. Times. California’s lawmakers have to come up with a solution soon, as the state’s fiscal year ends next month. But hey, they pulled a rabbit out of their ass last year, why not try for a repeat?
With this new bar in state fiscal nightmare hilarity, the only question now is – how can New York top it?