The State of California extends its deepest gratitude to you and others who endured a delay in receiving your hard-earned tax refunds. A global recession combine with a months-long impasse over how to address a $42 billion budget deficit produced a cash crisis not seen since the Great Depression. With insufficient funds in the Treasury to meet payments coming due, the State was regrettably forced to delay tax refunds and other disbursements to preserve cash for education, debt service and other payments determined by the Constitution, court order and federal law to have first priority on available cash. The recently-enacted budget has reduced the immediate cash flow problem to a manageable level allowing payments to resume. Again, thank you for your patience and understanding during this fiscal emergency.
This came with my state refund today. Between the time this was printed and I received it, the state has announced that despite wide-reaching reforms, we are now projecting another $8 billion deficit.
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