Last month writers were all aglow on the state of finances in California. For example …
- The Christian Science Monitor reported Surprise! California has a budget surplus
- Reuters reported California Governor’s budget has surprise: a surplus
Today we learn the surprise $5-billion bump in revenue in January is likely an accounting anomaly as a result of tax changes.
The surge of revenue that showed up unexpectedly in state coffers last month may well be offset by a revenue dip in coming months, according to Gov. Jerry Brown’s administration. The surprise money has been the source of much speculation in the Capitol. Unanticipated tax receipts filled state coffers with more than $5 billion beyond initial projections for January — more tax dollars than are allocated to the entire state university system in a year.