California's financial situation gets worse

April 7, 2011 6:05:36 PM PDT
California's financial situation has just gotten worse. The state controller's office says in March, the state took in $370 million less than expected, a drop of 5.8 percent below estimates.

Officials say it is because corporate tax revenues were down and because Gov. Jerry Brown cancelled plans to sell state properties then lease them back.

On the positive side, personal income tax revenues, retail sales and use taxes were all higher than expected in March.

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