- Associated Press - Thursday, July 21, 2016

BOSTON (AP) - Massachusetts ended the fiscal year bringing in far fewer tax dollars than anticipated.

Revenue Commissioner Michael Heffernan said Thursday that preliminary revenue collections for the 2016 fiscal year that ended June 30 totaled just under $25.3 billion.

That’s an increase of $550 million or 2.2% from the prior fiscal year, but $484 million below tax revenue estimates for the 2016 fiscal year.

The drop isn’t a complete surprise.

Tax collections have been falling behind estimates for several months. The revenue estimate for the new fiscal year that started July 1 has been revised down by as much as $950 million below initial estimates.

In June, the final month of the last fiscal year, revenues fell $173 million below the monthly benchmark.

Heffernan blamed the sluggish tax collections on a volatile stock market.

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