New budget year for Arizona begins on positive note
Web Producer: Marissa Pasquet
PHOENIX, Ariz. (AP/ KGUN9-TV) - Legislative budget analysts say Arizona is starting off the new fiscal year on a positive note.
Budget analysts say July general fund revenue increased 8.4 percent from July 2010, marking the 12th consecutive month of revenue growth from the same month a year earlier.
The fiscal year began in July, and the analysts credit individual income tax and sales tax collections with boosting July revenue by $35 million over what was anticipated.
The budget analysts also say higher than expected revenue in the fiscal year that ended June 30 appears to have put that budget in the black.
The last budget was assumed to have a $332 million shortfall when it was revised in April. But a preliminary accounting indicates additional revenue covered the shortfall and left a $29 million surplus.
(The Associated Press Contributed to this report.)