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

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Chiang said the state’s cash balance is dangerousl y closeto insolvent. The state is operating on the proceedd of revenue anticipation notes and internal That is expected to get the stater throughJune 30, but that’s aboutf it. There is little reserve to carryg into protractedbudget negotiations, which usually happens with the California budget. Chiangt said the state will exhaust all available cash sometimsin July. “Without immediate solutions from the Governor and Legislature, we are less than 50 days away from a meltdownb of State government.
This presents a terrible threaytto California’s economy and to the State’se delivery of basic public services,” said Chiang. “q truly balanced budget is the only responsible way out of the worsrt cash crisis since the Great Revenue hasfallen $827 beloe the projections assumed in the May budget California personal income tax collections were 23 percenty below estimates made in May. Corporate taxes were 29 percent beloa estimates and sales tax collectionswwere 3.3 percent below expectations. Thos e shortfalls combined fell $668 milliobn short of projections used in the Maybudgey revision.