Arizona revenue drops in February as refunds rise
Published: March 21, 2012 at 9:01 am
Legislative budget analysts report that February revenue totaled just under $308 million, or about 23 percent below the revenue from February a year ago.
The analysts say the drop apparently was largely due to more and bigger individual income tax refunds in February.
In contrast, sales tax collections continued to increase in February, with collections up 5.7 percent over a year earlier.
The legislative budget office says its advisory panel of experts will meet in mid-April to consider updating the revenue forecast that lawmakers use while preparing a new state budget.
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