Los Angeles Business Journal

California Deficit $1 Billion Smaller

LABJ News from Around the Web Wednesday, July 11, 2012

California ended its fiscal year with a shortfall that was $1 billion less than Gov. Jerry Brown estimated in May. The state collected more taxes and spent less last month. Bloomberg News reports that the state ended the year with a $9.6 billion cash deficit that was covered with internal borrowing and accounting maneuvers.