Orange County Register

Orange County individuals and businesses have not claimed more than $2.9 million in IOUs issued by state during its cash crisis this past summer.

Tomorrow State Controller John Chiang and State Treasurer Bill Lockyer will being mailing letters to those and thousands of other California individuals and businesses who have not still not cashed their IOUs.

In all, an estimated $50 million in IOUs are still waiting to be redeemed. More than 89,000 letters will go out Friday.

Orange County has the second highest total of redeemable IOUs, behind Los Angeles County, which has more than $9.8 million.

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The state is making it easy. The 10 a.m. auction, being held in the administrative office of the Orange County Fairground, will be webcast live on the Internet at www.dgs.ca.gov/webcast if you can’t one of the limited seats in admin office.

The Costa Mesa Council Chambers, at 77 Fair Drive, also will be open to the public at 9:45 a.m. to view the webcast.

Finally, the state Department of General Services just called over to Total Buzz to said there will be 24 to 36 seats available to watch the webcast at the Memorial Gardens building at the fairgrounds.

That’s four places were you can watch it — in person, on your computer, at the Costa Mesa Council Chambers and at the Memorial Gardens building. So you’ve got no excuse if you miss it.

The state Department of Finance just released its economic bulletin for September and it’s not good news.

State revenues for August came in $213 million below projections. For the 2009-10 fiscal year to date, California’s revenue is $144 million below forecast.

Those numbers aren’t huge, but they are enough cause worry in Sacramento. With the state budget hanging by a thread, any revenue collections that fall short could spell disaster.