The state of California expects to take a $600 million hit in its budgeted projections for revenue from Facebook’s initial public offering, lowering its total for the three years ending in June 2014 to $1.3 billion from $1.9 billion.

The Wall Street Journal reported that aides to Gov. Jerry Brown included the modified projections in the state’s proposed budget for the fiscal year beginning July 1.

The reduced figures are due to the social network’s lower-than-expected stock price. Facebook went public May 18 at $38 per share but sunk almost immediately after trading began, dipping under $20 for quite some time.

Economist Steve Levy told the Journal:

The stock price fell fairly significantly from when they made the first estimate.

The stock closed Thursday at $30.14, and the Journal reported that the revised budget in May could reflect the higher stock price and bump revenue projections from the Facebook IPO back up.

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