California revenues decline amid economic worries


              FILE - A Meta Portal Go is displayed during a preview of the Meta Store in Burlingame, Calif., on May 4, 2022. California revenues have been below expectations for four consecutive months. In California, the top 1% of earners pay about half of all state income taxes, making the state more vulnerable to a declining stock market. Facebook and Instagram's parent company posted its first revenue decline in history on Thursday, July 27, 2022, dragged down by a drop in ad spending as the economy falters. (AP Photo/Eric Risberg, File)
            
              FILE -  California Gov. Gavin Newsom takes questions from kindergarten students during his visit to the Ethel I. Baker Elementary School in Sacramento, Calif., on Oct. 7, 2019. California revenues have been below expectations for four consecutive months. Newsom has said the state should be cautious with new spending. Last month Newsom blocked a bill that would have expanded full-day kindergarten programs, citing the potential shortfall. (AP Photo/Rich Pedroncelli, Pool, File)
            
              FILE - In this May 14, 2015 photo, Kuka robots work on Tesla Model S cars in the Tesla factory in Fremont, Calif. California revenues have been below expectations for four consecutive months. Democratic Gov. Gavin Newsom has said state officials should restrain spending. Last month, Newsom blocked a tax cut for manufacturers, citing the potential shortfall. (AP Photo/Jeff Chiu, File)
California revenues decline amid economic worries