Wyatt Buchanan, Chronicle Sacramento Bureau
Tuesday, October 11, 2011

Sacramento — – Revenues flowed into state coffers at a lower rate than projected in September, short about $302 million, putting California a total of $705.5 million below expectations for the first three months of the fiscal year, Controller John Chiang said Monday.

Department of Finance officials cautioned that the controller’s numbers count revenues in a way that may not show all the actual money on hand and that they may not be the most accurate picture of California’s finances. Still, Chiang said the numbers were of concern.

As part of the budget deal signed in June, automatic trigger cuts would take place if revenues are projected to fall short of expectations by more than $1 billion. A second round of triggered cuts would take place if the revenues are short by $2 billion or more.

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