California ended its fiscal year with a shortfall that was $1 billion less than Gov. Jerry Brown estimated in May. The state collected more taxes and spent less last month. Bloomberg News reports that the state ended the year with a $9.6 billion cash deficit that was covered with internal borrowing and accounting maneuvers.

http://www.bloomberg.com/news/2012-07-10/california-deficit-1-billion-smaller-controller-says.html