Oct. state tax revenue $120M less than projectedPosted: Updated:
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.)