
Reacting to yesterday’s release by the Treasury Department of an audit showing the final revenue figures for Fiscal Year 2012 were $123 million below projections, Sarlo says the real number for the fiscal year that ended last June is $288 million below projection for the three major taxes, $318 million for all taxes and that Treasury did some fuzzy math that draws funds from the current-year budget.
“So on day one of the new fiscal year when they were projecting 8 percent revenue growth, they were already stealing revenues and stealing dollars from the new fiscal year to balance their books for the previous fiscal year,” Sarlo said.
With revenues coming in below projections for the current fiscal year as well, Sarlo says the state is staring at a problem.