Oct. state tax revenue $120M less than projected

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PHOENIX (AP) -- Arizona state government recorded another bad month for tax collections in October.

The Legislature's budget staff reported Friday that October tax receipts were $120 million less than projected in the current budget.

At just under $600 million, revenue was 12.3 percent below collections in October 2007.

Counting October, the first four months of the state's fiscal year come in $442 million below levels anticipated when the $9.9 billion budget was enacted last June.

Gov. Janet Napolitano and legislative leaders have agreed on a joint estimate that the revenue shortfall for the entire year will total $1.2 billion.

A December special legislative session to make spending cuts and other changes is being considered.

(Copyright 2008 by The Associated Press. All Rights Reserved.)