California collected 12% less in revenue than it expected in July, indicating that state coffers are taking a hit from a slowing economy and a cooldown in the once-booming technology industry.
Cash totaled $9.2 billion in the first month of the fiscal year, almost $1.3 billion below the state’s budget forecast, according to a bulletin from the California Department of Finance. The amount of personal income tax withheld from paychecks fell short of expectations -- by 10% in July and 5.8% in June.
