Post Mortem: What Happened Last Fiscal Year in State General Fund Cash Flows?
Readers of this blog and state budget aficionados will recall that in June 2011, the legislature assumed $4 billion in a kind of extra phantom revenue that was unallocated among the various taxes the state was projected to collect. Essentially, the legislature and governor assumed that a windfall would arise somewhere, but no one could say precisely where. Nonetheless, that assumption allowed passage of a budget by a simple majority vote that was ostensibly “balanced” by some definition. Not surprisingly, now that the state controller has released the cash flows for full fiscal year 2011-12 (which ended June 30,…
