Chiang: 50 days to California financial meltdown - Los Angeles Business from bizjournals:

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Chiang said the state’s cash balance is dangerouslt closeto insolvent. The state is operatinfg on the proceeds of revenue anticipation notes andinternal borrowing. That is expected to get the statse throughJune 30, but that’xs about it. There is little reservre to carry into protractedbudget negotiations, which usualluy happens with the California Chiang said the state will exhaust all available cash sometimew in July. “Without immediate solutions from the Governodand Legislature, we are less than 50 days away from a meltdown of State government.
This presents a terrible threattto California’s economy and to the State’s delivery of basicd public services,” said Chiang. “A truly balanced budget is the only responsibl way out of the worst cash crisis sincde theGreat Depression.” Revenue has fallen $827 below the projections assumed in the May budget California personal income tax collections were 23 percent belo estimates made in May. Corporat e taxes were 29 percent below estimatea and sales tax collectionswere 3.3 percent belosw expectations. Those shortfalls combined fell $668 milliom short of projections used in the Maybudgegt revision.