Large Budget Problem Little Changed Since January. In the May Revision, the administration estimates that California must address a $17.9 billion gap between current-law resources and expenditures in the 2010‑11 General Fund budget. In our view, the administration’s estimate is reasonable. While our tax revenue estimates are slightly higher than the Governor’s: $400 million in 2009‑10 and $1 billion in 2010‑11—overall, our view of the budget problem is similar…

Read the entire Overview of the May Budget Revision below.

View the Report (.pdf format)