According to news reports yesterday, behind closed doors the Department of Finance is privately admitting to a $14 billion shortfall between this and the budget year. Assuming that this shortfall occurs AFTER blowing through the $4 billion reserve, that makes the actual operating deficit $18 billion. (If that’s a surprise, read my blog of November 15th). The good news is that the state’s cash position slightly improved in November. According to the Controller’s monthly report, actual revenue growth has increased 2.3 percent for the first five months of the fiscal year compared to one year ago. (Last month year-to-date growth...