California's Revenue $2.44 Billion Below Projection

SACRAMENTO (CBS13) – California's State Controller has released his monthly financial report and the state continues to fall behind in revenue.

State Controller John Chiang's report shows California's cash balance for April came in $2.44 billion below the Governor's projection.

"The task of crafting a credibly-balanced budget has been made more difficult by a nine-month revenue shortfall of $3.5 billion," said Chiang. "Without a timely, financeable budget plan, the State will be unable to access the working capital needed to pay its bills later this year."

Chiang says most of the April shortfall was due to lower than projected personal income tax receipts. Sales taxes were also down by $445.8 million

Currently, the state's cash deficit stands at $19.2 billion which is being covered with both internal and external borrowing.