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Arizona begins new fiscal year with revenue gain

Arizona’s state government is beginning its fiscal year on a positive note.

The legislative budget staff reports that tax collections in July totaled nearly $750 million.

That’s about $16 million above the July revenue forecast when the state enacted its current state budget last spring and 6 percent above revenue collected in July 2011.

The budget staff credits the increase to growth in both sales and individual income tax collections, thanks to gains in retail, contracting and employment.

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Michael Gossie

About Michael Gossie

Michael Gossie is an award-winning journalist who has earned more than 50 awards for writing, editing and design. He studied economics at Elmira College in Elmira, N.Y., and put his entrepreneurial spirit to work in 2007, using a 200-year-old family recipe to launch an Italian sauce company. He is a competitive marathon runner, Ironman triathlete and is most proud of being the founding president of the Steuben Arc Foundation in Upstate New York, which serves individuals with developmental disabilities, including his sister.