California Tax Revenue Decline Inches State Toward Trigger Cuts
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California took in less revenue than needed to stay within its budget last month, leaving the most-populous U.S. state at risk of triggering automatic cuts to universities and caregivers for the elderly and disabled.
The state had $705 million less on Sept. 30 than Governor Jerry Brown and Democrats projected in their budget for the year that began July 1, Controller John Chiang said yesterday. The $86-billion spending plan included a series of reductions to be activated if revenue falls below certain levels.