Sadly, it is exactly what it sounds like.
Wrap your mind around this: California, the state, has the world's tenth largest economy. If it were its own nation, California would have an economy larger than Italy. California, right now, also has one of the shittiest economies on Earth, and unlike the Italians, they can't pay their debts with wheels of cheese. Seriously: www.onemint.com/2009/08/14/who-securitized-my-cheese/
So in the space of massive budget falls, wildfires, San Francisco, the LA Dodgers sucking in the home stretch, and an earthquake due any minute, they've(Arnold) decided to do what any rational government or government leader would do: hold a garage sale of unused government shit.
They sold everything, and I mean EVERYTHING. Xbox's, Blackberry cell phones, jeans, antique pianos from State Parks, dentist's chairs, scale and fortune teller machines, BMW motorcycles, a surfboard, and the dignity of 30 million people. Somewhere, Billy Mays' spirit nods his head in approval.
All told, the garage sale totaled about $1.5 million dollars. Mind you the budget deficit is about $26 billion, so it managed to alleviate about 0.000005% of the budget deficit. Great job.