money

The governor’s budget office advises in a report that the surprise $5-billion bump in revenue in January may be an accounting anomaly.

By Evan Halper, Los Angeles Times
February 18, 2013, 7:02 p.m.

SACRAMENTO — The surge of revenue that showed up unexpectedly in state coffers last month may well be offset by a revenue dip in coming months, according to Gov. Jerry Brown’s administration.

The surprise money has been the source of much speculation in the Capitol. Unanticipated tax receipts filled state coffers with more than $5 billion beyond initial projections for January — more tax dollars than are allocated to the entire state university system in a year.

The revenue bump was historic. But the question for budget experts was whether lawmakers could begin allocating the windfall toward government programs and tax breaks — or whether the money amounted to an accounting anomaly.

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