Monday, August 15, 2011 – 05:30 a.m.

It’s the same old story with the California budget.

Out of balance, out of the gate.

Less than two months after Governor Jerry Brown and the State Legislature pass a so-called balanced budget, the document is already bleeding red.

A massive drop-off in capital gains tax revenue has smashed sham revenue projections put forth by Brown.

The projected shortfall, likely to be in the billions of dollars, is already starting talk of massive mid-year cuts to local governments and education.

One cut will likely be the reduction of the school year by an additional seven days on top of the five cut last year.

Regardless, the governor and legislator are squarely to blame for the mess.

Cooking up $4 billion in phantom revenue just to pass an on-time budget was reckless to say the least.

Why? Because the state has been spending the money as if it has already materialized.

California’s impending budget woes has rapidly become the talk in business and finance circles.

Chalk up another loser budget for state politicians.