California revenues miss the mark - again

February tax receipts came in 3.2 percent below the governor's budget projections, a shortfall that's attributed to an increase in tax refunds going out earlier than expected. Good news is that the state should be able to pay its bills for the remainder of this fiscal year. From Capitol Alert:

Gov. Jerry Brown and state lawmakers are anxiously awaiting tax receipts from March and April, two significant revenue months as taxpayers file their returns. The Democratic governor has proposed a budget to close a $9.2 billion deficit, but the nonpartisan Legislative Analyst's Office has suggested that Brown's estimates are overly optimistic and that the deficit is likely higher than that figure.

From Controller John Chiang's office:

Things continue to move forward, but more action is needed over the short term to solve the state's chronic cash and budgetary position so that Cali-fornia can focus on the long-term infrastructure- and human-capital needs that will be critical to maintaining a vibrant economy in the future.