What’s Happening on the State Budget and Prop 30 to Date?
The state controller reports that tax revenue for July and August (first two months of the fiscal year) is about on target relative to the June budget estimates (although the amount collected on particular taxes from various targets deviates from the estimates, plus and minus). Disbursements, however, are up relative to budget estimates by roughly $3 billion which shows up as more borrowing by the general fund from other state funds. (Why that overage occurred is not explained.) However, the big uncertainty about the budget this year is whether the governor’s tax initiative passes in November. So far, the media…