Tue May 13, 2014, 09:23 PM

Gov's California budget: Tax revenue $2 billion ahead of expectations

In the current fiscal year, the state's tax revenue is running more than $2 billion ahead of expectations. The governor's office said expenditures have increased at a similar rate, however.

Brown cautioned that the surplus is needed for higher-than-expected health care costs and an underfunded teachers' pension system.

California's debts remain massive.

Legislative Analyst Mac Taylor said last week that California has $340 billion in debts and unfunded liabilities, or more than $8,500 for each of its 38 million residents.

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