State environmental leaders this week hailed California's first cap-and-trade auction a success, but it was hardly so for the state budget.
Gov. Jerry Brown and state lawmakers assumed three auctions this fiscal year would generate $1 billion total for the state, half of which they want to plug the state budget deficit. But most of the $289 million raised this month is dedicated for utilities and their ratepayers, leaving only $55.8 million for state purposes.
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