Arizona revenues take another hit due to economyPosted: Updated:
PHOENIX -- Arizona tax collections dropped by 13.7 percent in November from a year earlier, putting additional pressure on a state budget already running in the red.
The legislative budget staff reported Wednesday that the big revenue sources of sales and individual income taxes both saw double-digit declines in November from the same month in 2007.
The analysts cite a sharp decline in consumer confidence and rising unemployment.
The latest shortfall projection for the $9.9 billion budget is $1.2 billion. But the November revenue figures put the actual shortfall so far at just under $600 million with the fiscal year a month before the fiscal year's halfway point.
The budget analysts plan to update the shortfall projection in January.
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