Controller John Chiang says California has $1.5 billion cash gap

From the Sac Bee:

California has fallen $1.5 billion behind in revenues through the first four months of the fiscal year, according to state Controller John Chiang, amplifying fears the state will impose deeper budget cuts this winter.

For the month of October, Chiang said California was $810.5 million behind what was expected, or 16.3 percent. Notably, the state missed its personal income tax estimate by $451 million, or 12.9 percent, which the Franchise Tax Board attributed to both lower withholdings and estimated tax payments.

The state also faced spending pressures through the first four months of the year. Chiang reported that California spent $1.7 billion more than budget writers expected.