PHOENIX (AP) - State budget analysts say Arizona’s current fiscal year is getting off to a weak start.
The Joint Legislative Budget Committee’s staff reports that revenue collections in July and August were essentially flat when compared with the previous fiscal year, growing at a rate of only three-tenths of a percent.
The JLBC staff says August collections were $640 million - $25 million below the projection for the month.
That disappointing performance made August the fifth straight month in which revenues failed to meet the projections that were included in the state budget approved last spring.
The analysts say the primary cause of the weak August collections was another slow month in income tax withholding while sales tax collections grew by a moderate 4.5 percent.
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