State revenues rise 17 percent in July from previous year
PHOENIX (AP) — The state’s budget picture began the new fiscal year on a positive note.
Legislative budget analysts report that July revenues were 17 percent over the prior year and $42 million above the enacted forecast used when the 2018-2019 budget was approved last spring.
The analysts say much of the overall revenue growth resulted from transfers from specific agencies’ funds to the general fund but that there was still a healthy growth rate of over 6 percent in July even after excluding the transfers.
Individual income tax collections in July saw the biggest gain above the forecast with growth of nearly 8 percent, mostly due to increased withholding collections.
Meanwhile, sales tax collections grew by 20 percent over the prior year and were $11 million over the forecast.