Ariz. tax collections up, could cover most of gapPosted: Updated:
PHOENIX (AP) -- Legislative budget analysts say higher-than-expected tax collections may cover most of a $332 million shortfall that the state has been set to have on its books at the end of the fiscal year.
The Joint Legislative Budget Committee staff reports that preliminary revenue figures for May show tax collections continuing to exceed forecasted levels.
Analysts say that's almost entirely due to decreased refunds and more withholding in the individual income tax.
The budget analysts say the $332 million shortfall projected for the end of the current fiscal year could shrink to about $80 million if revenue gains are sustained through June and produce an additional $252 million.
The approved budget presumes that the current year's shortfall will be closed during the fiscal year that begins July 1.