Arizona revenue up in October but rise is less than expected
PHOENIX (AP) — Arizona legislative budget analysts report that the state’s revenue rose in October from a year earlier but at a slower pace than expected, making the month the first since March to have revenue growth below forecast.
The Joint Legislative Budget Committee staff reports that general fund collections totaled $809.2 million. That’s 9.2 percent above collections in October 2017 but $15.8 million below the amount forecast that was used in the budget-drafting process.
Analysts say October revenue growth was slower than expected partly because of an increase in refunds for taxpayers who earlier in the year received filing extensions.
Overall, revenue in the current fiscal year’s first four months was 9.9 percent higher than the previous year and $162.7 million above the forecast amount.