California revenues slightly surpassed budgeted amounts in August. Revenues were ahead of plan by $134.9 million. For the 2011-2012 fiscal year, revenues remain $403.8 million below estimates.
The good news, though is just slight. The budget counted on $4 billion of revenues that would magically appear. The chance of that happening is slight. Far more likely will be a revenue shortfall when the year is over.
Still, California politicians and state bureaucrats will take any good news. Now, if they could only use alchemy to make money….