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California’s Revenue Falls 10.1% Below Forecast, Chiang Says

Aug. 13 (Bloomberg) -- California tax revenue trailed forecasts in July by $475 million, or 10.1 percent below assumptions in Governor Jerry Brown’s budget, the state controller’s office said.

Controller John Chiang, in a monthly update, attributed most of the shortfall to lower-than-expected sales-tax receipts. Sales levies in the most populous state were $295 million, or 33.5 percent below the forecast in Brown’s budget.

“July’s sales-tax performance is harder to explain as it is unclear whether consumer activity has slowed or if this is an issue of timing,” Chiang’s office said in the update posted on the controller’s website. “The missed amount this month can certainly be made up in the near future.”

To contact the reporter on this story: James Nash in Los Angeles at jnash24@bloomberg.net

To contact the editor responsible for this story: Stephen Merelman at smerelman@bloomberg.net

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