California missed its November revenue target by $806.8 million, or 10.8 percent

◼ California revenue lags due to Facebook, corporate refunds - Sacramento Bee

For the first five months of the fiscal year, the state has taken in $802.4 million less in revenues than expected, equal to 2.6 percent. The State Controller's Office also says the state has spent $2.1 billion more than expected.

State revenues and expenditures fluctuate throughout the fiscal year due to timing of payments and program spending. The bulk of additional 2012 tax revenue from just-approved Proposition 30, for instance, is not expected until April.

The nonpartisan Legislative Analyst's Office has projected a $1.9 billion deficit between now and June 2014.