If California tax revenues were more than $1 billion off estimates 10 weeks into fiscal 2009-2010, how much could North Carolina be short, what will most likely be cut, and how much local taxes could be confiscated next?

For the first three months of the fiscal year, [California] total General Fund revenue was nearly $1.1 billion below the recently amended 2009-10 Budget Act estimates.

 

“Revenues more than $1 billion under estimates and recent adverse court rulings are dealing a major blow to a budget that is barely 10-weeks old,” said Controller Chiang. “While there are encouraging signs that California’s economy is preparing for a comeback, the recession continues to drag State revenues down. I urge lawmakers and the Governor to prepare for more difficult decisions ahead.”

 

The State’s three largest sources of revenue fell below estimates for the month of September… personal income tax revenues for the month were $934 million below estimates (-17.3%), corporate taxes were down $183 million (-10.5%), and sales taxes came in $99.8 million lower than expected (-4.5%).

 

The State started the fiscal year with an $11.9 billion cash deficit in the General Fund, which grew to $16.2 billion by September 30.

 

http://www.sco.ca.gov/eo_pressrel_6188.html