Payment to state schools delayed

July 10, 2009 7:00:04 PM PDT
The state controller says $4 billion in payments to schools have been delayed because of the budget crisis.

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It's the largest annual payment of state funds to the public education system -- and it hasn't been made.

The money was supposed to have been paid today, but state Controller John Chiang said he won't be able to pay it until at least June 30th.

Chiang also issued a cash flow report today that shows the state spent nearly $10.5 billion more than it collected last year.

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