A just-released report predicts a major budget shortfall in the Golden State. The California Legislative Analyst’s Office says the so-called “Big Three” outlook on personal, business and sales tax receipts are weaker than expected, resulting in a $58-billion budget gap over the next three years. Budget tightness was already predicted but the lower tax income is compounding the problem, according to the LAO. After state taxes were delayed due to severe storms at the beginning of the year, the receipts came back about $26-billion below what was expected.
State of California Looking at $58-Billion Budget Gap
